Old Mutual’s former UK arm, Quilter, to list on JSE on Monday
Quilter makes it debut on the JSE on Monday, trading under stock ticker QLT.
South African institutions subscribing for shares in Old Mutual’s former UK arm will pay R25.88 per share, the insurance group announced on Monday.
UK institutions will pay £1.45 per share, giving Quilter a market capitalisation of about £2.76bn, or R49bn at the R17.85/£ exchange rate Old Mutual has used for the transaction.
"Today is an important milestone in the history of our business and I am immensely proud of what we have achieved," Quilter CEO Paul Feeney said in a media release on Monday morning.
"We are delighted to be in a position to list as a standalone business and are excited by the opportunities ahead of us.
"We are making good progress towards our vision of becoming the UK’s leading wealth management business. Our proven multi-channel business model is delivering value for our customers, advisers and shareholders. Having established leading positions across one of the largest wealth management markets in the world, and it is a structural growth market, I believe we have great momentum to build on our success and a bright future ahead."