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Jupiter to float at the lower end of price range

Jupiter Asset Management has announced that shares in its London listing have been set at 165p.

The announcement is towards the lower-end of Jupiter’s planned price range and gives the firm a market capitalisation of £755m. Jupiter originally set an initial price of between 150p and 210p.

The offer will see a total of 133.5m new shares issued and the sale of over 20m existing ordinary shares, representing a total of 34 per cent of enlarged issued capital. The new issue will pay off debt dating from a private equity backed management buyout in 2007.

Jupiter’s directors, employers and other persons connected with the firm will hold 41 per cent of the ordinary shares at admission, with the majority of them subject to lock-in and vesting agreements. TA Funds will hold approximately 22 per cent of the company’s ordinary shares.

Jupiter says the float was heavily oversubscribed with a number of blue-chip and retail institutions buying into the IPO.

Conditional dealing commenced on the London Stock Exchange at 8am this morning under JUP ticker symbol. Admission to the official list of the FSA and trading on the main market for listed securities on the London Stock Exchange and unconditional dealings begins on June 21, 2010.

Jupiter Fund Management group chief executive Edward Bonham Carter says: “The success of the Offer is a tremendous achievement for Jupiter, particularly considering the ongoing volatility in global stock markets. The market for IPOs has been extremely difficult during this time and we are one of the few companies in Europe to have been able to proceed with a listing. I would like to take this opportunity to welcome our new shareholders as we embark on the next stage of the Company’s development.”

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