Ashurst has advised Cambian Group Plc ("Cambian" or the "Company"), a newly incorporated holding company for a group of specialist behavioural health services providers, on its successful £190 million initial public offering ("IPO") on the Main Market of the London Stock Exchange. The IPO comprises a new issue of approximately 8.8 million ordinary shares at an issue price of 225 pence per ordinary share and the sale of approximately 86 million shares by its substantial shareholder, private equity house GI Partners. Based on the offer price, the market capitalisation of the Company at Admission was approximately £390 million.

Cambian was founded in 2004 and has grown to become a significant partner to the UK Government. The Company has three principal operating subsidiaries: Cambian Capital Limited, Care Aspiration Capital Limited and Advanced Childcare Capital Limited. The Group's services have a specific focus on individuals who present high severity needs with challenging behaviours and complex care requirements. Cambian employs approximately 6,000 people across a UK-wide portfolio of 249 purpose-designed facilities, comprising 23 schools, 35 hospitals, 188 specialist homes / day facilities and 3 fostering offices.

The IPO has raised total gross proceeds of £190 million and comprises the global placing of approximately 86 million shares to selected, eligible institutional investors in certain jurisdictions and the issue of 195,553 shares to certain directors and employees of the Group.

The Company has also issued an over-allotment option in respect of approximately 8.6 million shares, representing 10% of the IPO size. Admission to the premium listing segment of the Official List and trading on the main market for listed securities of the London Stock Exchange became effective at  8.00 a.m. on 16 April 2014.

The Ashurst team was led by corporate partners Jonathan Parry and Anthony Clare, assisted by senior associate David Dowding, and associate Marianna Kennedy. Partner Ray Fisher led the US team, assisted by associate Rodrigo Romero Hidalgo. Partner Paul Randall and associate Louise Thawley advised on employment and incentives matters. Partner Alexander Cox and senior associate Philippa Michie assisted on tax-related matters. Counsel Caroline Chambers also assisted on the deal.

Ashurst also advised the Company on its new £200 million facilities for the purposes of refinancing the Group's existing banking facilities as a condition to the IPO. Finance partner Tim Rennie led on the banking aspects, assisted by associate Jacob Durkin.