Could private equity owner Cinven and the banks behind the IPO of Spire - Bank of America, JPMorgan and Morgan Stanley - have done better? Spire, the UK’s second largest hospital group, floated at just 210p a share on 18 July 2014, valuing the group at £842m, at the bottom end of expectations. Earlier, there was talk of a range up to 300p. The IPO raised a gross of £315m and Cinven, which paid £1.4bn with debt for the business in 2007, is left with a 56% stake, having not exercised its right to sell any shares. A week on and Spire shares are trading at 213p.
July 24, 2014