JMP Group, a boutique investment banking firm and asset manager in San Francisco, has filed to come public via an IPO this morning. It has listed its own JMP Securities, Merrill Lynch, and Keefe Bruyette & Woods as joint book runners. It will trade under the ‘JMP’ ticker on NYSE. Terms and timing are obviously still pending, but the filing says up to $100 million in securities for the filing purposes.
JMP was founded in 1999 by professionals out of the old Montgomery Securities, which is now under Banc of America. For the 9-months ended Sept. 30, 2006 it had revenues of $63.6 million and net income was almost $2.4 million. As of the same period it listed its total capitalization at $58.095 million.
As Wall Street has been digesting boutique investment banking firms, it is probably safe to assume that this deal will get without much troubles. One blow up or market tank could alter that theory, but this firm actually has a good reputation and has been involved in IPO’s, PIPE’s, M&A Advisory, Independent Research, Asset Management, Trading, Institutional Coverage, and more.
Jon C. Ogg
February 14, 2007
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