Flotation values Arrow Global at £357m
MANCHESTER-based Arrow Global will float on the main London Stock Exchange this week with a market value of £357.6m.
The company buys packages of consumer debt from banks and credit card companies, and then uses data and analytics to optimise repayments. It is based at Belvedere on Booth Street.
It has raised £50m in a share sale to new investors at 205p a share. Some 52.8% of the company has been sold in total with existing shareholders exiting with more than £120m.
The business is currently backed by Royal Bank of Scotland Special Opportunities Fund – a private equity fund led by RBS – which will retain a 30% stake. Management also hold shares in the business.
Chief executive Tom Drury said: “We are delighted that our initial public offering has been successfully received by investors, and we welcome them to the business. 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.”
The company’s shares will start trading on October 11.
