Allfunds Surges After $2.3 Billion IPO


Ella Jones, Deputy Editor In Chief

Date: 06.05.2021

Allfunds Group Plc shares soared after the mutual-fund distributor’s 1.88 billion-euro ($2.3 billion) initial public offering in Amsterdam, bolstering the Dutch capital in its race with London to become Europe’s top listing venue.

The shares climbed 8.7% to 12.50 euros at 9:03 a.m. in Amsterdam from the IPO price of 11.50 euros. The deal values Allfunds at 7.2 billion euros, according to a statement Friday.

Shareholders, including private equity firm Hellman & Friedman, Singapore’s sovereign wealth fund GIC Pte, BNP Paribas SA and Credit Suisse Group AG, offloaded a combined 26% stake in the company. If there is enough demand, the sellers can increase the deal size to as much as 2.16 billion euros. Allfunds didnot raise any money in the offering. The IPO price was close to the top end of the initial range at which the shares were marketed.

Allfunds casts itself as a one-stop shop for the distribution of fund products, sitting between banks and asset managers. The company says it had more than 1.2 trillion euros of assets under administration as of the end of 2020 and a 12% annual growth rate in revenue since 2016.

by Ella Jones | Linkedin

#News #IPO #ICO #Allfunds

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