Quilter lists as standalone business with valuation of £2.76bn

'Important milestone' for the group

Quilter plc, formerly Old Mutual Wealth, has finally separated from parent company Old Mutual and lists independently on the London Stock Exchange today with a market capitalisation of approximately £2.758bn.

Old Mutual said earlier this month that it had set a price range of 125p-155p per share for up to 9.6% of ordinary shares of Quilter ahead of its listing. The group said today that its IPO would be priced above the middle of this range at 145p per ordinary share. Based on this offer price, the market capitalisation of Quilter at admission will be approximately £2.758bn. It is expected the group will join the mid-cap index. In early trading this morning, Quilter shares were trading as high as 157p by 8.30am before falling back to nearer 155p. The expected offering comprises of 16...