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AJ Bell sets minimum application value for IPO

AJ Bell has confirmed at least a quarter of the platform’s share capital will be floated when it lists later this year.

The platform has set a minimum application value of £1,000 and is now expecting to list on the main market on the London Stock Exchange in December, the company announced this morning.

Selling shareholders will only be able to sell their existing shares, while institutional investors and AJ Bell customers will see their own offerings made available.

AJ Bell directors and other employees selling their shares will all be subject to a lock-on of 100 per cent of their shares at admission, falling to 50 per cent for another year after that.

Major investors Invesco Perpetual and Seneca Investment Managers will take on a 180-day lock-in, as will former AJ Bell employees who still have shares in the company and wish to sell them.

This morning’s announcement reads: “The directors believe that this is an appropriate time to bring the group to the public market, reflecting the robust foundations established for future growth. The directors believe that the offer and admission will further enhance the company’s profile and brand recognition with customers and advisers, extend the Company’s shareholder base to a wider group of institutional shareholders and AJ Bell customers, assist in the recruitment, retention and incentivisation of all employees, and support AJ Bell’s growth strategy.”

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