Premier Asset Management valued at £140m in Aim listing

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Premier Asset Management has this morning announced an initial public offering to raise £63.7m via the Alternative Investment Market (Aim).

The listing values the Guildford-headquartered firm at £139.7m, slightly lower than £150m to £200m price tag expected when the IPO was first reported last month.

In the listing, existing shareholders will retain 54.4 per cent of the company. This includes Queripel Partners, which will hold 33.2 per cent, and Electra Partners, which will hold 8.1 per cent.

Admission to the stock exchange is scheduled for Friday with 35,875,660 new and 12,381,916 existing ordinary shares at 132p.

In a statement this morning, Electra Partners says the offer price values its investment in Premier at £46m – up 39 per cent on the valuation of its investment at the end of March.

It was the original firm that took Premier private in 2007, investing £33m in the £57m deal, before selling half of the company to the private investment firm of Premier’s chairman Mike Vogel.

Electra will receive cash proceeds of £36m on the redemption of preference shares and sale of ordinary shares at admission.

Premier hired Keefe, Bruyette & Woods and Numis to complete the listing.