(Alliance News) - Shares in Foresight Group Holdings Ltd climbed on Thursday after it kicked off conditional trading in London with a market value of GBP455 million.
Foresight added that unconditional dealings of its shares will begin on Tuesday, though conditional trading began on Thursday.
Its initial public offering, priced at 420p, consisted of the issue of 8.3 million shares, raising GBP35 million and the sale of 45.7 million shares from existing shareholders, netting GBP192 million.
Ahead of market open on Thursday, the company said its market capitalisation at the commencement of conditional dealings would be around GBP455 million.
The stock was trading at 462.41p per share on Thursday morning, 10% higher than its IPO price, raising the company's equity value to around GBP500.5 million.
Foresight Group is a Guernsey-headquartered infrastructure and private equity investment manager that operates through two segments: Foresight Infrastructure, which is focused on renewable energy and infrastructure, and Foresight Private Equity.
Foresight already has several fund and trusts under its management that are listed in London, including Foresight Solar Fund Ltd, Foresight Solar & Technology VCT PLC, Foresight VCT PLC and Foresight VCT 4 PLC.
It first said it was mulling a London float in early-January, before confirming plans to pursue a listing a week later.
Foresight Group appointed Jefferies International Ltd as joint global coordinator and bookrunner, and Numis Securities Ltd as joint global coordinator, bookrunner and sole sponsor.
As at September 30, Foresight Group had assets under management of GBP6.8 billion, as well as managed 292 infrastructure assets and 104 private equity investments on behalf of 33 Foresight investment vehicles.
By Eric Cunha; ericcunha@alliancenews.com
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