Hargreaves Lansdown has today announced that the offer price for the initial public offering of its ordinary shares has been set at 160 pence per share setting its market value at £759m.
The offer comprises of 118m existing ordinary shares of which 79m shares have been allocated to institutional investors and 39m shares have been allocated to certain eligible existing clients and employees of Hargreaves Lansdown.
The offer shares represent in aggregate approximately 25 per cent of the existing ordinary share capital of the company and a total offer size of £190m.
Conditional dealings are expected to commence on the London Stock Exchange at 8.00am today. Unconditional dealings are expected to commence on the London Stock Exchange at 8am on May 18.
Hargreaves Lansdown chairman and co-founder Stephen Lansdown says: “We have been very pleased with the response to the offer and are delighted to announce the pricing of the IPO and to welcome new investors in Hargreaves Lansdown. We look forward to Hargreaves Lansdown being a publicly quoted company and to continuing to take advantage of the growth opportunities available to us.”
Peter Hargreaves and Stephen Lansdown will together own approximately 60 per cent of the company following admission.