Starling to float as Jupiter looks to sell its stake

Jupiter Fund Management, the FTSE 250 fund manager, is considering selling its 10% stake in Starling Bank. The stake, which is estimated by investors to be worth around £200m, may be floating on the stock exchange by early 2023.

The potential IPO comes after Starling reached its first year of profitability, with an impressive £32m profit, and a valuation upwards of £2.5bn.

Citi has been instructed to find a buyer for the stake, according to reports from Sky News.

Anne Boden, CEO and founder of Starling, planned to float Starling back in 2021, and subsequently scrapped the plans due to worsening market conditions.

Meanwhile, Jupiter’s CEO, Andrew Formica, will be stepping down from his position in October, after shares dropped by around 60% this year.

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