Earlier this month, Old Mutual said it had set a price range of £1.25 to £1.55 per share for Quilter. A trading update today revealed a final price of £1.45 per share creating a market-cap of £2.75bn.
Nextwealth’s managing director Heather Hopkins said: “Quilter’s listing is the biggest platform IPO and follows Transact’s successful listing. Platforms are an attractive investment as they offer some predictability of earnings.”
Integrafin, Transact’s parent company, received a premium listing in a £650m IPO on the London Stock Exchange in March. In May, FTSE Russell announced the firm would join the FTSE 250.
Hopkins said she was pleased to see external scrutiny from investors is pushing up valuations. “Quilter’s share price performance so far, and also Transact’s, offer an external validation of the on-going importance of these businesses.”
Nucleus is reportedly considering a public listing, while AJ Bell has confirmed it is exploring an IPO later this year.
Quilter divides its business into two segments: platforms and advice and wealth management. Its platform business becomes Quilter Wealth Solutions.
Multi-channel business
Paul Feeney, chief executive officer of Quilter (pictured), said the listing was a milestone in the history of the business.
Feeney said their multi-channel business model delivers value for 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,” he said.
Quilter recently received regulatory approval for the sale of Richard Buxton’s £27.5bn single strategy funds business.
Directors and management will own approximately 0.53% of the ordinary shares.
In May, Quilter chairman Glyn Jones bought over £645,000 in Old Mutual as details around the firm’s managed separation were finalised.
Old Mutual
Old Mutual Limited is due to list tomorrow.
Each Old Mutual plc shareholder will receive one ordinary share in Quilter and three ordinary shares in Old Mutual Limited for every three shares they held in Old Mutual plc.
