Old Mutual Asset Management has revealed its public offering of f 13 million ordinary shares will be set at a price of $14.25 (£11.25) per share.
The public offering is expected to close on 19 December 2016.
Yesterday (13 December), the firm launched the public offering to raise capital for “general corporate purposes”.
The shares are being offered by Old Mutual through its wholly owned subsidiary OM Group UK Limited.
According to a statement from Old Mutual on the London Stock Exchange, the underwriters also have a 30-day option to purchase up to an additional 1.95 million ordinary shares at the public offering price, less the underwriting discount.
Old Mutual Asset Management will not sell any shares in the offering and will not receive any proceeds from the sale of the shares, as these will got to Old Mutual group.
Additionally, the previously announced private repurchase transaction, in which Old Mutual Asset Management expects to repurchase 6 million ordinary shares directly from OM Group UK was also priced at $14.25 (£11.25) per share.
The closing of the repurchase transaction is subject to various conditions, including the closing of the public offering.
Proceeds to Old Mutual from the proposed offering and repurchase agreement are expected to be used for general corporate purposes.
BofA Merrill Lynch, Morgan Stanley & Co, Citigroup, Credit Suisse Securities and Evercore are acting as joint bookrunning managers for the public offering.
ruth.gillbe@ft.com
