Debt collector Arrow Global made its stock market debut this morning, with its offer price set at 205p a share.
The flotation valued the company at about £357.6 million. The sale of a 52.8 per cent stake in the business raised just under £139m for shareholders – including the RBS Special Opportunities Fund – and about £50m for the company itself.
Manchester-based Arrow Global was set up in 2005 as the European arm of US debt collector Arrow Financial Services, and made an underlying pre-tax profit of £43.4m in the first six months of this year.
Chief executive Tom Drury said: “Our focus now is on continuing to drive growth, leveraging our sophisticated data and analytics capabilities, in order to offer investors a highly cash generative business with significant earnings visibility.
“We also look forward to continuing our commitment to providing our customers with an excellent service based on a fair and collaborative approach.”