Shares in private equity firm Bridgepoint surged on Wednesday, their first day of trading in London, rising well above the 350 pence per share price set for the initial public offering. At 0711 GMT, Bridgepoint shares were trading at 423 pence, up 21% on the day. The 350 pence-per-share price tag gave the group an initial market capitalisation of 2.88 billion pounds ($3.92 billion).

Bridgepoint’s debut as a public company comes at a time when private equity groups, flush with cash after largely sitting out the pandemic. have embarked on a spending spree, with Britain a favoured target for acquisitions.

Bridgepoint, which focuses on mid-sized deals of up to one billion euros ($1.2 billion), manages 27.4 billion euros across a range of private equity and debt funds and was formed in 2000 after a management buyout of NatWest’s private equity arm.

Read more/Source: Reuters