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Quilter shares surge on £2.76bn IPO

Quilter shares surge on £2.76bn IPO

Shares in Quilter have rocketed after a successful 145p per share IPO.  

According to Bloomberg, shares in the wealth firm shot up by 9.3% in early trade. Around 20 minutes after the opening bell they were up 6% at 153.76p. 

The listing price gives the firm a market capitalisation of £2.76 billion and is at the mid-high range 125-155p the wealth firm set for its initial public offer earlier this month. 

The float of Quilter comes around two years after Old Mutual announced the 'managed separation' of its business, with 9.6% of Quilter put on the market. 

Following the listing, Public Investment Corporation of the Republic of South Africa will be the biggest shareholder with 9.4% of the business. Coronation Asset Management, BlackRock and Norges own 5.3%, 5.2% and 3% respectively. All four had been key investors in Old Mutual. 

In a statement to the stockmarket Quilter chief executive Paul Feeney 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.'

He added: '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.'

 

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