Jupiter's IPO has been more than 2.5 times oversubscribed after a strong take-up from both institutional and retail investors.

The offer price of Jupiter's IPO has been set at 165p per ordinary share, which comes in at the lower end of the 150p to 210p range it set ahead of publishing its prospectus earlier this month.

However, Jupiter has been buoyed by the support received from both blue-chip companies and retail investors, which has come in an environment where very few IPOs have been successfully launched across Europe.

Conditional dealings have commence on the London Stock Exchange today under the ticker symbol JUP, with the shares already up at 176.25p. Unconditional dealings commence in five days time.

Jupiter's global offer comprises the issue of 133.5m new ordinary shares and the sale of 20.3m existing shares, representing a total of 34% of the enlarged issued capital at admission.

At admission, Jupiter directors, employees and other affiliated persons will hold approximately 41% of the company's ordinary shares, most of which are subject to lock-in and vesting arrangements.

In addition, TA Funds will hold approximately 22% of the group's ordinary shares, which are also subject to lock-in arrangements.

"The primary proceeds of the global offer and the capital restructuring, which will take effect on admission, will strengthen Jupiter's balance sheet to a level the directors believe will be beneficial to the business, clients and shareholders over the long-term," Jupiter says.