London Stock Exchange welcomes JTC PLC to the Main Market
London Stock Exchange today welcomes JTC, an independent, award-winning provider of administration services to fund, corporate, and private clients, to trading on the Main Market.
JTC has a long track record of consistent revenue growth over the last 30 years, with over 550 staff operating in 17 jurisdictions around the world and assets under administration totalling c. US$85 billion.
JTC has raised £243.8 million before expenses from an institutional placing of 84,070,254 ordinary shares at a price of 290 pence per Share, implying a market capitalisation of £310.0 million.
Nigel Le Quesne, CEO of JTC, said:
“This is a fantastic opportunity for JTC. Having grown the business over the last 30 years into a leader in the administration services market for funds, corporate and private clients, this is the next logical step in our strategy and will create a long-term capital base for the business. The IPO will provide us with access to the capital markets, as we look to deliver future growth, both organically and through our targeted acquisition strategy in a sector which we view as ripe for consolidation.
“We would like to thank CBPE for their role in the development of JTC from a Channel Islands focused administrator to a global service provider with a broad client reach. They have provided invaluable support and investment which has facilitated an acceleration in JTC’s growth and success.
“Our people are at the heart of everything we do and JTC has always set itself apart through its belief in the value of true shared ownership, which has led to a very high percentage of equity ownership amongst our staff. We have a very clear and proven strategy of investing in our people to enhance the services we provide to our clients and this will remain the case in our life as a public company. We look forward to delivering value for all stakeholders in the business in the years to come.”