London-based River and Mercantile Group has listed on the London stock Exchange for £150 million ($255 million).

London-based River and Mercantile Group, which merged with consultancy P-Solve earlier this year, has listed on the London Stock Exchange for £150 million ($255 million).

The offer price has been set at 183 pence per ordinary share and based on this, the total market capitalisation of River and Mercantile on admission will be approximately £150.2 million, the group said in a statement.

A total of 22.7 million ordinary shares were listed, representing 27.6 per cent of the company.

The offer is expected to raise gross proceeds of approximately £41.5 million, while the company expects to receive gross proceeds of £15 million from the issue of the new ordinary shares.

It is expected that shareholders will receive approximately £26.5 million from the sale which includes Punter Southall Group and Pacific Investments Management.

“Listing our company represents a major step forward and provides us with an ability to continue to invest in our advisory and asset management capabilities in both the UK and abroad,” said Mike Faulkner, chief executive of River and Mercantile Group.

“The group is well positioned to capitalise on the pensions revolution and the increasing importance of governance to clients’ investment strategies. We look forward to building on our strong investment performance and high levels of client satisfaction,” he added.

The group was formed following the merger of River and Mercantile and investment consultancy and solution provider P-Solve in February. For more on this story, click here.

Last month, River and Mercantile appointed former Cazenove fund manager Robin Minter-Kemp as non-executive director. Other recent hires include Paul Bradshaw as group chairman and Kevin Hayes as chief financial officer.