Allfunds, the largest global fund distributor with assets in excess of € 1.2 trillion, has successfully debuted on Euronext on the Amsterdam Stock Exchange. Shares in the Spanish fund distribution firm jumped by more than 20%, boosting the IPO market across Europe. Allfunds had positioned its IPO at € 11.50 per share, valuing the company as a whole € 7.2 billion, announcing that it intends to position 25% of its shares as a free float. The stock closed at € 13,848. To sell are the four shareholders: the US private equity fund Hellman & Friedman (40.67% of the capital, the sovereign fund Gic (22.9%), Bnp Paribas (22.5%) and Credit Suisse (13.95 %).
The details of the IPO operation
Allfunds was among the largest IPOs in Europe this year, along with Deliveroo (ROO.L) and Vantage Towers. The listing is a big win for Amsterdam, which benefited from Brexit and the weakening of London’s position as a prime location for IPOs for European companies. The stock closed at € 13,848 up by over 20% on Euronext. Allfunds’ leap comes in an otherwise flat market, where the STOXX600 is down 0.1%. Allfunds had positioned its IPO at € 11.50 per share, valuing the company as a whole € 7.2 billion, announcing that it would place 25% of its shares on the Amsterdam stock exchange as a free float. Despite the European IPO market having its best quarter since 2015 in early 2021, with $ 19.55 billion raised, the disappointing debut of.
The offer did not include any initial offer to the private public because it had already obtained the bookings of some major institutional investors. BlackRock, Jupiter, Mawer, Lazard and Janus Henderson Investors have come forward and put down their pledges. They have reached an agreement as key investor to purchase shares for a total amount of 850 million euros. BlackRock pledged for 250 million euros, Jupiter for 200 million, Mawer for 160 million, Lazard and Janus Henderson for 120 million. With the IPO, 163,650,850 shares of the company will be placed, to which another 24,547,628 can be added if the “over allotment option” is exercised. In the latter case, the value of the offer will be between 2 and 2.3 billion euros.
Loading…
A channel where you can buy 100,000 funds online
Created in 2000, Allfunds today offers the largest fund distribution network globally and access to the world‘s largest universe of mutual funds and ETFs with approximately 100,000 funds from 1,960 different houses. The group also has access to a network of around 1,500 distributors domiciled in 59 countries (retail banks, private banks, investment banks, life insurance, pension funds, securities firms, custodians and independent financial advisory firms). As of December 31, 2020, the group had over 1.2 trillion assets on the Allfunds platform, compared to € 370 million in revenues, € 263 million in adjusted EBITDA and an adjusted EBITDA margin of 71% on a 2020 pro forma basis.
Leader nel wealth tech
Allfunds is also one of the world‘s leading wealthtech companies with a service offering that includes data and analytics, portfolio and reporting tools, research and regulatory services. In fact, it is one of the leading B2B WealthTech platforms worldwide that connects Management Companies and distributors. It operates an open architecture platform that provides a marketplace and digital solutions aimed at matching the demand for wealth management products from distributors with the offering of those products from management houses. The Allfunds platform provides distribution, trading, custody and administration services, enabling automated access to a wide range of funds, ranging from active and passive strategies, which include equity, bond, multi-asset, alternative funds and ETFs.
From the on-stop-shop model to use to Allfunds 3.0
Having developed a simple one-stop-shop model to streamline fund distribution, the IPO now aims to accelerate the transformation of the wealth management industry and the growth of the best-in-class global platform thanks to the potential of technology. digital. The group has built proprietary technology designed to provide seamless integration of these solutions into the Allfunds platform to deliver the best possible client experience.