Gartmore Investment Management’s IPO is fully covered at £400m
| December 10th, 2009 | ||
| Earlier this week, banking sources announced that Gartmore Investment Management, the UK-based asset management firm, had fully covered its £400m pound public-offering almost a week before they were expected to list. According to Reuters and City A.M., with the 160 million shares offered at 250-330p each, the firm will be valued at around £800m pounds after this deal. The firm is expected to raise around £280m pounds, which Gartmore hopes will help pay off £250m of its £400m debt, so that it can begin pursuing acquisitions of medium-sized boutique firms. A secondary offering will allow private equity investor Hellman & Friedman, who owns 58% of the firm and Gartmore employees who own the rest to cash out around £120m of their holdings. Gartmore is expected to price the offering today and list tomorrow. | ||
For Detailed Investor Profiles on these Investors, click below: |
Gartmore Investment Management |
Related People: Ben Wallace;
Related Entities: Gartmore AlphaGen Avior Fund;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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