Investments  

Investment manager floats in £455m IPO

Investment manager floats in £455m IPO

Foresight Group has floated on the London Stock Exchange with a market capitalisation of around £455m.

Initially announced last month, the infrastructure and private equity investment manager today (February 4) proceeded with the IPO at 420 pence per share.

Bernard Fairman, co-founder, said: “A London Stock Exchange IPO is a major milestone for Foresight Group and I would like to welcome all our new shareholders. 

“I am pleased that investors have recognised the many strengths and considerable growth opportunities across our business and that our long-standing commitment to sustainable investment has resonated so well with them.”

The IPO will see 50 per cent of its issued share capital in public hands, providing the firm with a cash warchest for its acquisition strategy and allowing employees to become shareholders in the company.

Some 80 per cent of the offer comprises a sale of shares by existing shareholders, with the remaining 20 per cent being new shares issued by the company — worth 8m shares or £35m.

The company hopes to be admitted to the premium listing segment of the official list of the Financial Conduct Authority next week (February 9), a move which it expects will make it eligible for inclusion in the FTSE UK index series.

Foresight also expects to qualify for the LSE’s Green Economy Mark upon admission. The Green Economy Mark recognises companies that derive 50 per cent or more of their total annual revenues from products and services that contribute to the global green economy.

Mr Fairman added: “Thanks to the hard work of the dedicated Foresight team over the years, we have built a strong platform for the next phase of the company’s growth and development, an exciting journey which I look forward to making with all of our stakeholders.”

Headquartered in Guernsey and founded in 1984 the company approximately manages £6.8bn of assets and 292 infrastructure assets and 104 private equity investments on behalf of 33 investment vehicles, including VCTs and EIS.

Foresight has 12 offices across the UK, Guernsey, Italy, Spain, Australia and Luxembourg and employs 236 full-time staff.

imogen.tew@ft.com

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