trending Market Intelligence /marketintelligence/en/news-insights/trending/vjnwq_cyvx1dyz9o7axp7q2 content esgSubNav
In This List

JTC plots £310M London IPO

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


JTC plots £310M London IPO

JTC Plc plans to list its shares on the London market with an expected market capitalization of £310.0 million.

The U.K.-based financial services firm and certain shareholders have conditionally raised £243.8 million before expenses from an institutional placing of 84,070,254 ordinary shares, representing 78.6% of its issued share capital, at a price of 290 pence per share. The firm is issuing 6,896,552 ordinary shares in the IPO while the shareholders are selling 77,173,702 ordinary shares.

Net proceeds from JTC's share issuance amount to roughly £15.1 million, which it will use to repay its existing debt facility. The selling shareholders — which include CBPE Capital LLP and certain directors and senior management of JTC — have conditionally raised net proceeds of approximately £218.2 million from their placing.

Admission to trading of JTC's ordinary shares on the premium listing segment of the Official List of the U.K. Financial Conduct Authority and on the London Stock Exchange's main market for listed securities is expected to take place March 14 at 8 a.m. London time. Immediately prior to admission, the company will finalize a reorganization by way of share exchange with the current shareholders of JTC Group Holdings Ltd. — the existing holding company for the JTC group — and will become the holding company of JTC Group Holdings and its subsidiaries.

Zeus Capital is acting as financial adviser, broker, joint global coordinator and book runner in connection with the IPO. Numis Securities is acting as joint global coordinator and book runner. Stockdale Securities is acting as sponsor.

JTC, which provides corporate financing, real estate administration, employee and executive incentives, wealth management, trust and estate planning and real estate accounting services, had £59.8 million in revenues at 2017-end, compared to £51.1 million in 2016.