The group has confirmed it will float on the London Stock Exchange, ending speculation spurred last week by media reports citing sources close to the matter.

JTC Group, the fund administration group, will float on London’s stock market in an initial public offering valuing the business at around £310 million ($428 million). 

JTC priced its ordinary shares at £2.90 each in the listing taking place on 14 March, 2018. Following admission, investors will own a 52.4 per cent stake in the business. 

JTC and its shareholders have conditionally raised £243.8 million from an institutional placing of 84.1 million ordinary shares, it said. Selling shareholders are placing 77.1 million shares while JTC is placing almost 6.9 million.

“Having grown the business over the last 30 years into a leader in the administration services market for funds, corporate and private clients, this is the next logical step in our strategy and will create a long-term capital base for the business,” Nigel Le Quesne, chief executive of JTC, said. “The IPO will provide us with access to the capital markets, as we look to deliver future growth, both organically and through our targeted acquisition strategy in a sector which we view as ripe for consolidation.”

Founded 31 years ago, the Jersey-based firm provides administration services to funds with more than $85 billion in assets.