UK financial planning and discretionary fund management firm Harwood Wealth has been admitted to the Alternative Investment Market for £45m.
Broker N+1 Singer raised £13.5m in an over-subscribed fundraising, of which £10m was raised as new equity for the wealth manager.
Harwood Wealth says most of the proceeds will be used to fund further acquisitions and for small infrastructure costs.
Harwood Wealth founder and joint chief executive Neil Dunkley says: “The board is delighted to have successfully completed the IPO and raised funds to facilitate the next stage of the company’s development through further acquisitions.
“The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation. We look forward to providing our new shareholders with further updates as we achieve further growth.”
The placing price was set at 81p with net proceeds receivable by the firm at £8.7m.
Harwood Wealth has assets under influence of £1.25bn.