Jupiter valued at up to £868m after unveiling IPO terms

Jupiter has set the price range of its IPO at between 150p and 210p per share, valuing the asset manager at £718m to £868m.

The global offer will comprise of 122.4 million new shares and the sale of between 11.9 million and 58.8 million shares by certain selling shareholders.

Assuming a 180p per share mid-point, the new shares will raise gross proceeds of approximately £220m and shareholder sales will raise between £21.5m and £105.9m.

In addition, 12.2 million shares may be offloaded by the selling shareholders pursuant to the over-allotment option.

Jupiter management and staff will receive between £43.5m and £79.2m, assuming the mid-point price and the over-allotment.

TA Associates and Alpinvest Partners will also offload up to 27.1 million shares, received for part of its investment in the group's preferred finance securities, for an aggregate gross consideration of up to £48.7m, again under the same terms.

Jupiter says while the global offer will include a secondary sale, its employees and TA Associates will retain significant shareholdings post-admission.

"The directors believe that admission is an important step in the group's development and will strengthen its ability to retain and attract talented employees, as well as providing shareholders with some liquidity and a transparent valuation for their shareholdings," Jupiter says.