LONDON, June 25 (Reuters) - Quilter Plc, the wealth management division of Anglo-South African financial services group Old Mutual, will list in London on Monday at a price of 145 pence a share, it said in a statement.
The pricing of 9.6 percent of Quilter shares in an initial public offering values the company at 2.76 billion pounds ($3.66 billion), it said.
The listing of Quilter, which offers financial advice, planning and investment platform services, is one of the last stages of a break-up plan announced by Old Mutual in 2016, because it said regulatory change made the firm too costly and complex to run.
“We are making good progress towards our vision of becoming the UK’s leading wealth management business,” Quilter chief executive Paul Feeney said.
In addition to the 9.6 percent placed with institutional investors, existing Old Mutual shareholders will receive 86.6 percent of Quilter through a demerger. The rest will be held on behalf of management and staff.
Old Mutual’s other remaining unit, Old Mutual Limited, which currently includes South African lender Nedbank, is due to list in Johannesburg and London on Tuesday.
Quilter also has a secondary listing in Johannesburg.
Bank of America Merrill Lynch, Goldman Sachs and JP Morgan were joint global coordinators on the Quilter IPO and joint bookrunner was BNP Paribas.
The firm is expected to enter Britain’s mid-cap index .
$1 = 0.7548 pounds Reporting by Carolyn Cohn, editing by Silvia Aloisi