Petershill Partners will be valued at £4bn when it floats on the London Stock Exchange, the company said on Tuesday.
The Goldman Sachs investment unit said shares would be offered representing 29% of its share capital including a “greenshoe” overallotment option. The total offer size will be £1.2bn and will comprise 156.3m shares issued by the company in a primary raise and 176.3m sold by existing shareholders.
The valuation appears to be more than the $5bn (£3.7bn) that was suggested in media reports when the business announced its intention to float earlier in September.
Petershill said it would use the money raised in the primary offer for continuing expenses and to buy stakes in alternative asset managers. The business has 19 investments acquired since it launched in 2007.
Naguib Kheraj, Petershill’s chairman, said: “We experienced a high degree of interest from investors, who recognised the unique strength and track record of the Goldman Sachs operator team, the attractive profile and prospects of our alternative asset manager partner firms and the benefit of a fully independent board. We are very happy with the mix of shareholders participating in the offering.”
