Precise Mortgages parent Charter Court Financial Services has been valued at £550m ahead of its stock market flotation next week
Charter Court is valued at 230p per share and shares will trade on the London Stock Exchange on Wednesday 4 October at 8am.
Old Mutual Group funds have agreed to acquire £100m worth of shares, which would represent 18.2% of Charter Court.
Ian Lonergan, chief executive of Charter Court Financial Services, said: “Today’s announcement reflects the high level of investor interest shown in our IPO and is a clear endorsement of Charter Court’s business, track record, strategy and prospects.
“I welcome all of our new shareholders and look forward to sharing with them the next exciting stage of our development as we seek to take advantage of the further opportunities we see in our specialist mortgage markets and drive sustainable growth and attractive risk adjusted returns.”
Conditional share dealing started at 8am today.
Charter Court was on the market for £400m last year but rejected all offers, which were believed to be 10-15% below that price.
Clearly it then switched its attention to an IPO.