Plans to list on the LSE’s junior market on April 4
The SimplyBiz Group plans to list on the London Stock Exchange next month with a market capitalisation of £130m, it said on Friday.
The firm, which provides compliance and business services to financial institutions, has conditionally raised £30m from an institutional placing of 17.6m ordinary shares and £34.6m through an institutional placing of £20.3m shares on behalf of selling shareholders, both at a price of 170p, it stated.
The company was founded in 2002 by chairman Ken Davy. Joint chief executives Matt Timmins and Neil Stevens have been running the business since 2010.
Timmins told media: “Our business has evolved significantly since 2002 and we are now the UK’s leading provider of compliance and business services to directly authorised financial advisers.
“Through our entrepreneurial culture and clarity of strategic vision we have become a disruptive force in financial intermediation, building a membership base of over 3,400 adviser firms and associated proprietary network of 135 financial institutions.
“Our business is underpinned by strong structural growth drivers and benefits from a highly visible earnings stream. We are well placed to deliver ongoing margin expansion and profitability and look forward to continuing to deliver for our shareholders post-IPO.”
The firm plans to list on the LSE’s junior market on April 4.