Infrastructure company John Laing Group has set its offer price at 195p per share, the bottom of its indicative range, valuing the company at £715.5m.
The company in January said it expected a price range of between 195p and 245p per share.
John Laing, which was taken private by investment firm Henderson in 2007, said the listing raised gross proceeds of about £130m, in line with earlier guidance.
Following the listing of about 35 per cent of the company, the existing shareholders will retain about 65 per cent of the issued share capital, assuming the over-allotment option is not exercised.
John Laing’s projects include the 60,000 seat New Perth Stadium in Australia and Britain’s £4.7bn Intercity Express Programme.
Conditional dealings in the shares begin today on the London Stock Exchange.