River and Mercantile confirms IPO

River and Mercantile Group has announced its intention to float on the London Stock Exchange with the issue of new ordinary shares expected to raise net proceeds of approximately £12m.

The company will target a free float of 40 per cent of the issued share capital.

In a statement, it said the proceeds will be used to develop and “seed” new products and solutions to meet client demand, with the balance to “pursue strategic acquisitions”.

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River and Mercantile is an advisory and investment solutions business which was formed by the recent merger of P-Solve and River and Mercantile Asset Management.