RCM IPO raises $183 million

The currency manager's shareholders sold 55.25 million ordinary shares, excluding any exercise of the over-allotment option, representing about 25% of the company's issued share capital.

Based on the offer price, the market capitalisation of RCM at the start of dealings was around £354 million.

JP Morgan Cazenove, sponsor to the company and sole bookrunner and broker, was given an over-allotment option capped at 10% of the total number of shares in the IPO.

In the year ending March 31, 2007, RCM