Wealth management firm floats with market cap of £2.8 billion
Quilter plc, formerly part of Old Mutual’s wealth management division, lists independently on the London Stock Exchange today at a price of 145p per share.¹
The final offer price comes in towards the top end of the price range of 125p-155p per share, announced by parent company Old Mutual earlier this month.²
Based on this offer price, Quilter shares will float in London and Johannesburg today in an initial public offering (IPO) that values the new listing at £2.8 billion.¹
Quilter offers financial advice, planning and investment platform services and is expected to join the UK’s mid-cap index, following the listing.
This marks the final stages of an Old Mutual break up and restructuring plan that was announced in 2016. Since then, the company has been split up to simplify its structure in an attempt to reduce running costs and boost value for investors.
Paul Feeney, Chief Executive Officer of Quilter, said: “Today is an important milestone in the history of our business and I am immensely proud of what we have achieved. We are delighted to be in a position to list as a standalone business and are excited by the opportunities ahead of us.
“We are making good progress towards our vision of becoming the UK’s leading wealth management business. Our proven multi-channel business model is delivering value for our customers, advisers and shareholders.
“Having established leading positions across one of the largest wealth management markets in the world, and it is a structural growth market, I believe we have great momentum to build on our success and a bright future ahead.”¹
Source 1: http://www.cityam.com/288110/old-mutual-enters-final-stage-break-up-wealth-management
Source 2: https://www.telegraph.co.uk/business/2018/06/25/old-mutual-prices-28bn-float-wealth-management-arm-quilter/
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All figures correct as at 30.06.2019.