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Hargreaves to float on LSE this summer

Hargreaves Lansdown has confirmed it will continue with its initial public offering of shares and will be listed on the London Stock Exchange this summer.

The deal, expected to complete in mid-May, will comprise the sale of approximately 25 per cent of the existing ordinary share capital of the firm by existing shareholders.

No new capital will be raised as part of the offer, which is expected to raise the group’s profile, boosting new business, and create an incentivisation mechanism for staff.

Citigroup is sponsor to the company and and sole global co-ordinator and sole bookrunner in relation to the offer. Numis Securities is co-lead manager and Lexicon Partners is financial adviser to the firm.

HL has also announced an increased turnover of 35 per cent to £43.3m for the six months to December 31, 2006 with underlying group operating profit rising 58 per cent to £17.2m.

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