Bridgepoint PLC (LON:BPT) looked to be guilty of under-selling itself as its shares roared away on the first morning of dealing in London.
The mid-cap focused private equity group was trading at around 438p in early dealings compared to a listing price of 350p or a gain of around 25%.
Some 85.7mln new shares were sold in the IPO to raise roughly GBP300mln, with which it plans to fund investment, assess potential acquisitions and reduce debt. Existing owners also sold 139.7mln shares in the float.
At the current price, Bridgepoint, which manages more than EUR27bn of assets across the UK and Europe, is worth around GBP3.6bn.
Private equity funds have been making headlines recently due to a wave of takeovers of UK businesses sparked by a so-called wall of money that has built up in their coffers during the pandemic lockdown.