March 9, 2018 / 8:45 AM / in 7 months

Financial services firm JTC prices London IPO at 290p/share

(Reuters) - British financial services firm JTC Plc said on Friday it planned to list its shares on London’s main market at 290 pence each, giving it a market capitalisation of 310 million pounds.

JTC and its shareholders have conditionally raised 243.8 million pounds from an institutional placing of 84.1 million ordinary shares, it said.

Selling shareholders are placing 77.17 million shares while the company is placing about 6.9 million shares, and admission to trading is expected on March 14, JTC said in a statement.

Reuters reported on Thursday that the flotation could be announced as soon as Friday.

Jersey-based JTC said its revenue rose 17 percent to 59.79 million pounds in 2017 from a year ago.

Founded 31 years ago, JTC provides administration services to funds with more than $85 billion in assets, spanning real estate to private equity.

JTC is majority-owned by its employees and also counts CBPE Capital as a minority investor.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier

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