Private equity firm Bridgepoint said it plans to undertake an initial public offering on the London Stock Exchange.
In a 29 June statement, the firm, which has around £23.5bn of total assets under management as of 31 March 2021, said the IPO would raise £300m to support its growth plans and repay debt.
“The company has been on its own journey of growth and diversification, increasing its total assets under management from €9bn in 2011 to €27.4bn as of 31 March 2021,” said William Jackson, executive chair of Bridgepoint, in a statement.
JPMorgan and Morgan Stanley are joint global coordinators on the float, with JPMorgan acting as sole sponsor. BNP Paribas, Citigroup and Merrill Lynch International would act as joint bookrunners if the IPO proceeds. Moelis & Company is acting as financial adviser to the firm.
“Today, Bridgepoint has an increasingly global footprint across Europe, North America and Asia. We expect this strong growth to continue in the near and longer term as we continue to develop our existing strategies and further broaden our platform,” he added.
Bridgepoint said it would free float at least 25% of issued share capital, with the expectation of an over-allotment of a further 15% of ordinary shares.
This month, the company invested in Asian-inspired food brand itsu for an undisclosed amount. The firm’s investments also include a minority stake in Burger King’s master franchise in France in 2018; it is the UK master franchisee of the burger restaurant and acquired 66 Burger King restaurants in the country in 2017.
According to data provider Preqin, the private equity sector boasts $7.2tn assets under management in 2020, with 11,000 active firms, 1,000 more than the year before.
The announcement will be a boost to the City’s plans to attract more IPOs to London post-Brexit. In a review published in March, Lord Hill suggested an overhaul of the UK’s listing regime to make the country a more attractive destination for IPOs.
On 22 June, the Financial Conduct Authority’s chief executive said the regulator would bring forward a consultation seeking views on removing other barriers to companies listing.
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