Asset manager Jupiter is being promoted to the FTSE 250 index of mid-sized equities as part of the index’s latest rebalancing.
Jupiter Fund Management floated on the London Stock Exchange on June 21 at 165p a share and as at 11.09am today the shares were valued at 226p – 37 per cent higher.
The price means the company – which has a staff of 400 and the majority of its clients in the UK – now has a market capitalisation of just over £1bn.
This compares to FTSE 250-listed Aberdeen Asset Management, which has a staff of 1,805 in 24 countries and a current market size of £1.6bn.
Jupiter’s FTSE 250 debut – which takes place on September 20 – comes after several brokers have initiated coverage on the asset manager, including RBS which issued a ‘buy’ rating on August 28 and set a 265p target price.
The group’s initial price was at the lower end of the price range of 150p to 210p that was outlined by bookrunner JPMorgan Cazenove, althought the flotation was 2.5x oversubscribed.
Online supermarket Ocado, which listed on the market on July 21, is also joining the FTSE 250 under its latest rebalancing.