LONDON (Alliance News) - Three initial public offerings of a Georgian healthcare provider, a UK gym group, and a financial technology investor raised about GBP192 million in total on Monday, while a new Japanese equities fund said it wants to raise GBP200.0 million.
All of the floats were to the London Stock Exchange's main market for listed securities.
The IPO of the healthcare arm of Bank of Georgia Holdings PLC raised GBP66.0 million for the company and board members of the two companies. The 170 pence offer was priced well below its expected price range of 215p and 315p, valuing Georgia Healthcare Group PLC at GBP218.0 million on admission.
The healthcare stock rose to 187.00p in early trade on Monday.
Meanwhile, The Gym Group PLC's IPO raised GBP90.0 million for the company and GBP35.0 million for selling shareholders Phoenix Equity Partners Ltd, Bridges Ventures LLP and staff members. The offer was priced at 195 pence and comprised 64.1 million shares. The shares rose to 205.00p in conditional dealings on Monday morning.
Phoenix is left with 28.1% of the company and Bridges with 13.9%, while senior employees will retain a 6.9% stake.
Bridges Ventures, which sold part of its stake to Phoenix Equity Partners in 2013, co-founded The Gym Group alongside former England squash player John Treharne in 2007. The business was valued at GBP250.0 million at the offer price. Phoenix Equity Partners, Bridges and employees sold 50% of the low-cost gym in the IPO.
A smaller listing was Silver Falcon PLC, which raised GBP1.3 million by placing 43.3 million new shares at 3 pence each. The company is planning to focus on investing in the FinTech sector, although it will not be limited to a particular industry or region. The stock was at 3.4p in unconditional dealings on Monday morning.
Separately, CC Japan Income & Growth Trust PLC wants to raise GBP200.0 million through a placing, offer for subscription and intermediaries offer of shares. It will be managed by Coupland Cardiff Asset Management LLP, and will invest primarily in Japanese equities.
The trust said that 20% of its gross assets at the time of investment can be allocated to exchange traded funds, while it may also invest in listed Japanese real estate investment trusts.
The investment objective of the company is to provide shareholders with dividend income combined with capital growth, mainly through investment in equities listed or quoted in Japan.
It will target a total dividend from the period from incorporation to the end of October 2016 of 3 pence per share.
CC Japan Income & Growth Trust expects its shares to begin trading in early December following the publication of a prospectus in the coming days.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
