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LONDON (Alliance News) - Specialist reinsurer and insurer Brit PLC began conditional trading Friday after pricing its initial public offering at 240 pence a share, raising GBP240 million for its selling shareholders and giving it a GBP960 million market capitalisation.
The Brit pricing comes as Venture Life Group PLC and antiquarian book dealer Scholium Group PLC began trading on AIM. Meanwhile, SEPLAT Petroleum Development Company PLC has set an indicative price range for its own float, as the Nigerian oil and gas company seeks to raise about USD500.0 million.
Investor appetite for IPOs continues to rebound from the financial crisis that started in 2008. According to figures published by the London Stock Exchange Group PLC on Thursday, total equity capital raised on its markets in the UK and Italy in the past 11 months rose to GBP28.3 billion, compared with 14.8 billion for the corresponding period in the previous year.
In conditional dealings Friday, Brit shares were quoted at 240.5 pence, up 0.2%. Brit said it expects its shares to begin unconditional trading on the main market of the London Stock Exchange next Wednesday. At that point, the insurer will have 400.0 million shares in issue.
Stabilising manager JP Morgan Securities PLC has been granted an over-allotment option, which it can exercise within 30 days, of up to 10.0 million shares, or 10% of the shares on offer. In a separate statement, JP Morgan Securities noted that it may stabilise the offer.
The syndicate for the IPO comprises joint global co-ordinators and joint bookrunners JP Morgan Securities and UBS Ltd, as well as co-lead managers Canaccord Genuity Ltd, and Numis Securities Ltd. JP Morgan Securities also is the sole sponsor of the IPO.
Brit was brought to the market by private equity firms Apollo Global Management LLC and CVC Capital Partners. They are expected to remain the company's majority shareholders. Brit didn't itself raise any capital in the IPO. Management also sold shares
"I am pleased that our offering has been well received by investors. Having transformed Brit into a successful global specialty insurer operating solely through Lloyd's of London, we have built a strong foundation for future profitable growth and continued success," Chief Executive Mark Cloutier said in a statement.
SEPLAT Petroleum's IPO also gathered pace Friday, as it set an indicative price range for its offer at 195 pence to 255 pence per share. As the first Nigerian company to have its shares dual-listed on both the London Stock Exchange and the Nigerian Stock Exchange, SEPLAT also set a NGN535 to NGN700 indicative price range for the shares to be listed on the NSE.
SEPLAT is seeking to raise about USD500.0 million, approximately GBP300.9 million and NGN82.5 billion.
The company said its market capitalisation, before any proceeds from its 15% over-allotment option, would be approximately GBP1.20 billion, equivalent to about USD2.00 billion and NGN329.5 billion.
SEPLAT said it expects its final pricing and conditional dealings to take place on or around April 9, with unconditional dealings to begin on or around April 14.
BNP Paribas and Standard Bank PLC are acting as joint global co-ordinators and joint bookrunners for the so-called global offer, while Renaissance Securities (Cyprus) Ltd, Citigroup Global Markets Ltd and RBC Europe Ltd are acting as a joint bookrunners. Renaissance Securities (Nigeria) Ltd and Stanbic IBTC Capital Ltd have been appointed as Nigerian joint issuing houses in relation to the Nigerian offering.
Meanwhile, healthcare company Venture Life Group PLC and antiquarian book dealer Scholium Group PLC began trading on AIM, both falling below their placing price.
Venture Life raised about GBP4.2 million net in its IPO, enabling it to acquire Biokosmes Srl, which develops and manufactures topical products, including cosmetics, dermo-cosmetics and medical devices.
"Venture Life is delighted to be joining AIM and we look forward to continuing to grow Venture Life by capitalising on the increasing demands of the ageing population for healthcare products and food supplements," Chief Executive Jerry Randall said in a statement.
Venture Life shares were Friday quoted at 107.00 pence, down from its placing price of 109p.
Scholium, which raised GBP8.0 million by placing 8.0 million shares, will use its net proceeds to increase the day-to-day trading stock of Shapero Rare Books, trade alongside other dealers in the wider rare and collectible goods market, and for general working capital purposes.
The placing and admission to AIM provides funds to increase our inventories, and allows us to take advantage of the attractive economics of the more general rare and collectibles market," Chief Executive Philip Blackwell said in a statement.
"High end dealers in this market have limited access to capital. We will now be in a fantastic position to trade alongside these established specialist dealers to find and acquire high value items and collections beyond the reach of their normal capacity. These works will be sold on to the customers of Scholium and its dealer partners."
Scholium shares were Friday quoted at 95.5p, below its placing price of 100p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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