According to its prospectus, Jupiter will be valued at between £718m and £868m with shares selling at between 150p and 210p. This is under the initial reported £1.1bn valuation.
Edward Bonham-Crater, equity income manager Anthony Nutt, fund of funds manager John Chatfeild-Roberts, fund manager Philip Gibbs, director Alex Darwall and growth fund manager Ian McVeigh will cash in as much as £40m of shares on flotation.
Nutt will own 4.9 per cent of the firm, with a £38.8m stake. Bonham-Carter will have a £26.5m stake, owning 3.3 per cent of Jupiter. Chatfeild-Roberts will take 1.87 per cent of the business worth £14.8m. Chatfeild-Roberts also received a bonus of more than £1m last year.
McVeigh will take a 1.6 per cent stake worth £12.6m, Gibbs will take a 3.4 per cent stake worth £27.2m and Darwall will take a 2.47 per cent stake worth £19.6m.
TA Associates, Jupiter’s backer, will cash in £50m of shares and will take just under 20 per cent of the firm.
On the flotation at the end of June, directors and staff will be able to sell as many as 44 million shares, totalling just under £80m. Employees will own around 35 per cent of the firm and have the option to sell a further 15 per cent of shares after the first year and another 10 per cent in the second and third year.
Jupiter will be issuing more than 122 million new shares raising around £220m. This will be used to redeem the majority of the securities owned by TA Funds, Alpinvest and certain employees. Around £30m will be used to reduce a £363m RBS bank debt amassed during the firm’s 2007 restructure. A further £16m will be used towards funding the global offer.
At the end of 2009, Jupiter had £19.5bn of assets under management, including £14.7bn in 47 mutual funds. It was the fifth largest fund manager of UK retail mutual funds by assets under management at the end of 2009 and the fourth largest by net and gross sales in 2009.