Charter Court Financial Services Group has announced that the offer price for shares sold in its initial public offering has been set at 230p per share.
The implied market capitalisation of Charter Court at the commencement of conditional dealing will be approximately £550m.
The global offer comprises 86,956,515 existing shares and 8,695,652 newly issued shares, which represents approximately 40% of Charter Court’s total share capital on admission, valuing the global offer at £220m.
The company will receive approximately £20m of gross proceeds from the global offer.
Major shareholders Elliot International LP and Elliot Associates LP have granted an over-allotment option over up to 14,347,825 shares, representing up to 15% of the global offer size.
At admission, Charter Court will have 239,130,419 shares in issues, with the major shareholders holding 53.9% of the company’s total share capital.
“Today’s announcement reflects the high level of investor interest shown in our IPO and is a clear endorsement of Charter Court’s business, track record, strategy and prospects,” said Ian Lonergan, CEO of Charter Court.
“I welcome all of our new shareholders and look forward to sharing with them the next exciting stage of our development as we seek to take advantage of the further opportunities we see in our specialist mortgage markets and drive sustainable growth and attractive risk-adjusted returns.”
Charter Court is the parent company of Precise Mortgages, Charter Savings Bank and Exact Mortgage Experts.
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