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Mortgage Advice Bureau valued at £81m in IPO

The Mortgage Advice Bureau has raised £36.3m in its initial public offering at 160p per share, valuing the firm at £80.8m.

Last month, the MAB revealed it was floating 45 per cent of the business on the AIM stock market. Following the placing MAB chief executive Peter Brodnicki will own 36 per cent of the firm, worth £29m, with other investors owning 13 per cent, worth nearly £11m.

Conditional dealings started on the London Stock Exchange at 8am today, with admission and unconditional dealings expected to take place on Friday.

Brodnicki says: “Our admission to AIM will provide us with a strong platform from which to build on our success to date, by supporting the growth of our network and franchise partners, and with a view to attracting more high quality and strongly performing intermediary firms into our two propositions.

“Mortgage intermediaries play a very important role in the mortgage and protection advice process, and since the introduction of mortgage market review the intermediary market share has increased and I expect it to increase further.”

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