River and Mercantile IPO values group at £150m

River and Mercantile Group, the asset management and consultancy business which formed in February, is to list today at a price which values the business at £150m.

The group said today it had successfully priced its shares at an offer price of 183p per ordinary share. Based on this offer price, the total market capitalisation of the business will be £150.2m. The group, which formed from the merger of River & Mercantile and investment consultancy P-Solve earlier this year, is floating a total of 22.7m shares, worth 27.6% of the business. It said in a statement the offer period should raise gross proceeds of £41.5m, with the company receiving £15m from the issue of new ordinary shares, and a further £26.5m going to selling shareholders includin...