Following the intention to float announcement released earlier this month, Bridgepoint today announces the successful pricing of its initial public offering (IPO) at 350 pence per Share.
Based on the Offer Price, Bridgepoint’s total market capitalisation at the commencement of conditional dealings on the main market of the London Stock Exchange will be approximately £2,881 million.
The Offer comprises (i) 85.7 million new Ordinary Shares to be issued by the Company, raising gross proceeds of £300 million to fund the Company’s investment in the next generation of Bridgepoint funds, launch and seed potential new organic strategies, continue to assess potentially value-accretive inorganic acquisition opportunities, and provide greater strategic flexibility including reducing the Group’s indebtedness; as well as (ii) 139.7 million existing Ordinary Shares to be sold by existing Bridgepoint shareholders.
This equates to a total Offer size of £789 million and represents approximately 27% of the Company’s issued share capital on Admission. Immediately following Admission, the Company’s issued ordinary share capital will be approximately 823 million Ordinary Shares.
In addition, a further 33.8 million Ordinary Shares in the Company are being made available by existing Bridgepoint shareholders pursuant to the over-allotment option.
Conditional dealings in Bridgepoint Shares are expected to commence on the London Stock Exchange at 8:00 a.m. (London time) on 21st July 2021 under the ticker “BPT”.
Admission of Bridgepoint’s entire issued ordinary share capital to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings is expected to take place at 8.00 a.m. (London time) on 26th July 2021.