Last checked at 
(Alliance News) - Shares in Bridgepoint Group PLC rose by 26% early Wednesday, on their first day of trading on the London Main Market.
The London-based private equity firm, previously known as Atlantic Investments Holdings Ltd, priced its initial public offering at 350 pence per share, giving Bridgepoint a market capitalisation on admission of GBP2.88 billion. The stock was quoted at 440.45p early Wednesday, up 26%, raising that value to about GBP3.63 billion.
A total of 85.7 million new shares were issued by the company and 139.7 million existing shares were sold by existing holders. This gives an offer size of GBP789 million and represents 27% of Bridgepoint's total 823 million shares. Additionally, there is an over-allotment option of 33.8 million existing shares.
The company will be eligible for inclusion in FTSE UK indices. That is likely to be the mid-cap FTSE 250, as the smallest company currently in the FTSE 100, Weir Group PLC, has a market cap of GBP4.64 billion.
The IPO was run by JP Morgan and Morgan Stanley as joint global coordinators, with BNP Paribas, Citigroup and Merrill Lynch as joint bookrunners.
Bridgepoint was spun out of what now is called NatWest Group PLC in 2000. In announcing its IPO plan earlier this month, the middle-market private assets investor said the funds raised for the company will go to supporting its growth plans, provide greater strategic flexibility, and repay debt. It joins a small number of European private equity firms with listings, including 3i Group PLC.
Bridgepoint had total assets under management of EUR27.4 billion as at March 31.
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
