UK - Barclays has offered up all of the held shares in BlueBay Asset Mangement while Lehman Brothers has acquired 4.99% of the shares offered in the managers' IPO.
Fixed income specialists BlueBay announced its offer price range for its IPO, which was set at 250p to 300p per share. This implied a total base offer of approximately £173m and a market capitalisation of around £524m.
The listing of BlueBay on the London Stock Exchange saw Barclays exiting as a shareholder and offering all of its 30,000,000 shares. Shinsei Bank has also reduced its holding in the company by offering 13,000,000 shares, or just under half of its stake.
Both companies had resigned from BlueBay board of directors.
The IPO also saw Lehman Brothers agree to purchase 4.99% of the shares offered. The company agreed to be locked-in to the agreement for a year post-IPO.
BlueBay, which was founded by the ex-JPMorgan pair Hugh Willis and Mark Poole, currently has around US$8bn of assets under management (AuM) and recorded profits before tax of £31.1m in the year to June 2006.
Willis and Poole will also be offering 10,000,000 shares each to contribute to the post-IPO free float.
BlueBay said it would not be raising new money in the offer. However, reports have claimed the float will earn Willis and Poole around £88m each as well as £60m profit following Barclays' exit.
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