Equiniti prices IPO at bottom of range

Share registrar Equiniti, which is backed by private equity firm Advent International, said it has set the price for its initial public offering at £1.65, which is at the bottom of its previously-guided range.

Based on the offer price, Equiniti’s total market capitalisation at commencement of conditional dealings will be £495m.

Advent will hold 32% of the company after listing, excluding the overallotment option.

The company said it is raising gross proceeds of around £315m that will be used to repay part of the group’s debt and pay for certain transaction, tax and other financing related costs arising from the IPO.

Chief executive officer Guy Wakeley said: “We have always felt that Equiniti belongs in the public markets, and I am delighted that our new and existing shareholders have supported this. We have longstanding working relationships with around 70% of the FTSE 100 and our IPO further aligns us with these clients and the markets we serve.

“We believe that Equiniti is well positioned to benefit from increasing legislation, regulation and digitalisation that drives corporates and governments to outsource complex, mission critical services. I would like to thank all our staff and stakeholders for their support to date, and look forward to leading the business into this exciting new phase as a listed company."