The company, which provides financial services to those in retirement, has also raised an additional £13m through the exercise of a ‘greenshoe’ option.
The company was founded in April 2004 by Mike Fuller, the current chief executive, and was initially backed by Langholm Capital to the tune of £24.5m.
Revenues for Just Retirement were just under £300m as of June 2006, while in the quarter which ended at October the company made total sales of over £143m – this was a threefold increase on the same period in the previous year.
Mike Fuller, chief executive of Just Retirement, said: “We are delighted with the high level of interest that institutional investors have shown in Just Retirement.
“This is a significant endorsement of our track record, market position and strategy and we are pleased with investors’ confidence in our business for the future.”
‘Grey market’ trading in the company sent the share price up by 50 pence to £1.98, giving the company a market capitalisation of £581m and raising the value of Langholm’s 62% stake to £360m.
Bert Wiegman, a partner at Langholm Capital, said: “We are delighted with the progress that Just Retirement has made since our investment.
“The flotation provides the Company with the capital to take its development to the next stage and supports further growth.
“We believe that the Company has substantial opportunities and we look forward to continuing to provide our support as a shareholder.”
The IPO proceeds will be used to provide capital to fund the future growth and to expand the Just Retirement’s distribution capability, the company says.
© Crimson Business Ltd. 2006
