Bridgepoint confirms plans to float on LSE

Following the announcement by Bridgepoint about a week ago of its expected intention to float, the company today confirmed its intention to undertake an initial public offering (IPO).

The company intends to apply for the admission of its Ordinary Shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange.

The Offer will comprise (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately £300 million to support Bridgepoint’s growth plans, provide greater strategic flexibility, enhance Bridgepoint’s standing as a trusted counterparty, further drive long-term shareholder returns and repay indebtedness and (ii) existing Ordinary Shares to be sold by existing Bridgepoint shareholders.

The Offer will be a targeted offering to certain institutional investors outside the United States pursuant to Regulation S and to QIBs in the United States pursuant to Rule 144A under the United States Securities Act of 1933, as amended.

Immediately following Admission, Bridgepoint is targeting a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. It is expected that Ordinary Shares representing up to a further 15% of the Offer will be made available pursuant to an over-allotment option.

The company has engaged J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) and Morgan Stanley & Co. International plc as Joint Global Co-ordinators, with J.P. Morgan Securities plc acting as Sole Sponsor in relation to the transaction, and BNP Paribas, Citigroup Global Markets Limited and Merrill Lynch International as Joint Bookrunners. Moelis & Company UK LLP is acting as Financial Adviser to the Company.