Bridgepoint lists in GBP 2.9bn IPO

The GP set its offer price at 350 pence per share. This rose to 423 pence per share on listing at 8am on 21 July, equating to a 21% increase. Trading on the main market and the commencement of unconditional dealings is expected to take place at 8am on 26 July 2021.

JP Morgan and Morgan Stanley were acting as joint global coordinators, with JP Morgan as sole sponsor. BNP Paribas, Citigroup and Merrill Lynch acted as joint bookrunners. Moelis & Company was acting as financial adviser to Bridgepoint.

The GP confirmed its intention to list earlier in July 2021, as reported. The firm was expected to target a market capitalisation of around GBP 2bn.

Bridgepoint expects to generate proceeds of GBP 300m from the IPO, via the issue of 85.7 million new ordinary shares. In addition, the GP's existing shareholders will be selling 139.7 million existing ordinary shares. This equates to a total offer size of GBP 789m and represents a free float of around 27% of issued share capital.

The firm said the fresh capital would allow it to "invest in the next generation of Bridgepoint funds; launch and seed potential new organic strategies; continue to assess potentially value-accretive inorganic acquisition opportunities; and provide greater strategic flexibility, including reducing the group's indebtedness".

Speaking to Unquote around the time that Bridgepoint officially started mulling a listing, a source familiar with the situation said that the IPO would assist with the GP's potential expansion in the US, as well as with the establishment of new private assets strategies in infrastructure and real estate.

The GP previously said it expects to begin fundraising for Bridgepoint Europe and Bridgepoint Growth in the near future. The GP held a final close for Bridgepoint Europe VI in December 2017 on EUR 5.7bn. The fund's latest platform investment is Itsu; the GP acquired a minority stake in the east-Asia-inspired fast food chain earlier in June 2021, as reported.

Bridgepoint held a final close for the debut fund in its Growth strategy in May 2017 on GBP 86m; the fund makes investments of GBP 5m-15m in UK-based consumer, media and technology businesses.

The GP is also currently on the road for vehicles in its Bridgepoint Credit Opportunities and Bridgepoint Direct Lending strategies. Bridgepoint acquired EQT Credit in 2020, increasing its own private credit offering.

Founded in 2000, London-headquartered Bridgepoint invests in mid-market companies in Europe, managing four strategies: mid-market; lower-mid-cap; early-stage growth; and credit. The GP had EUR 27.4bn in assets under management as of 31 March 2021.

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