IP Group nets £51m from Ceres Power share sale

Intellectual property-based business developer IP Group has sold 12.25 million shares in Ceres Power for 425p each, it announced on Thursday.

The FTSE 250 company said that following completion of the sale, which was conducted through an accelerated bookbuild by Berenberg as sole bookrunner, it would continue to hold about 9.4 million shares in Ceres, representing 5.5% of its issued share capital.

It said the net proceeds from the sale, totalling around £51m, would bring the group's total cash realisations for the year to date to more than £110m, compared to £79.5m for the 2019 full year.

“We're pleased to announce another significant cash realisation that brings total proceeds in the year to date to more than £110m,” said chief executive officer Alan Aubrey.

“IP Group remains financially strong and continues to take a prudent approach to capital allocation and operating costs in the current environment.

“The group first invested in Ceres in 2012 and it is a great example of how we've helped to develop and support a world-leading company based on scientific research carried out in the UK.”