Jupiter Fund Management on Wednesday braved tough conditions for initial public offerings with a £254m (€305.3m) transaction that pays down debt and lets its senior managers cash out part of their holdings.

Priced at 165 pence, the low end of a range set two weeks ago, the IPO values Jupiter at £755m, just a bit more than the £740m its managers and private equity firm TA Associates paid in 2007 to buy it from former owner Commerzbank.