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Foresight Group, a Guernsey-based infrastructure and private equity investment manager, yesterday confirmed that it plans to go ahead with an initial public offering, and to be listed on the London Stock Exchange’s main market.
The organisation expects to be admitted in February this year, it said in a statement. The firm announced that it had published a registry document on 5 January.
As at 30 September 2020, Foresight Group had about £6.8 billion ($9.24 billion) in assets under management.
The company said that an IPO would boost its profile, enabling it to raise more funds and capital to make acquisitions, as well as helping shareholders realise their investments in the firm. It will also enable employees to own shares in the business, the statement said.
The IPO will primarily comprise a sale of shares by existing shareholders (about 80 per cent of the offer) with a smaller offering of new shares (about 20 per cent of the offer) to be issued by the company. Once the business is listed, Foresight Group expects that about half of its issued share capital will be in public hands.
Foresight Group said it expects to qualify for the LSE's Green Economy Mark on its admission. The Green Economy Mark recognises companies that derive half or more of their total annual revenues from products and services that contribute to the global green economy. The underlying methodology incorporates the Green Revenues data model developed by FTSE Russell.