Fund manager Jupiter rises in conditional dealings

Shares in Jupiter Fund Management have moved higher in conditional trading after the company priced its initial public offering at the lower end of the expected range. Jupiter - which starts official dealings on Monday - has climbed to 182p in the grey market from a 165p offer price announced this morning. This was at the bottom of the initial 150p-210p range but it was not a bad outcome given the current volatility of the markets. At the flotation price the company - which raised £220m - is valued at around £755m. Chief executive Edward Bonham Carter, brother of actress Helen, sold shares worth £3.5m in the offer, and retains a stake worth £26m. In all, the share sale will provide a £33m windfall for fund managers and directors. The bulk of the proceeds raised will pay off the debt associated with a private-equity backed buyout of the business in 2007.