British infrastructure investor John Laing Group has priced its initial public offering (IPO) at the bottom of its expected pricing range.

The firm has priced its shares at 195p, which is the bottom end of its expected 195p to 245p range, giving it a valuation of £715.5 million (US$1.01 billion). The offer has comprised 127,625,418 shares, excluding over-allotment arrangements, representing 34.8% of John Laing's issued share capital on admission.

John Laing's flotation has raised £130 million of proceeds while fund manager Henderson, which agreed to acquire John Laing in 2006 for £887 million and took the company private in early 2007, have raised £118.9 million.

The float has been run by Barclays and HSBC with RBC Capital Markets acting as lead manager and Greenhill acting as financial adviser to the firm.

The company had announced plans to use the funds to finance its international expansion efforts and push ahead with new investments.

Olivier Brousse, Chief Executive Officer of John Laing stated:

"We are delighted with the strong interest from investors. The success of this IPO represents a clear endorsement of our leading brand and the prospects of our business. We look forward to delivering the next stage of the Group's growth and value to shareholders."

The firm had an investment portfolio book value of £781 million (US$1.2 billion) at September 30 2014. Current projects include hospitals in Canada, roads in Poland and a sports stadium in Perth, Australia. The company has about £1.9 billion (US$2.9 billion) of assets under management.