Platform Nucleus has begun its listing on the Alternative Investment Market today with a market capitalisation of £139.9m.
The placing is 76,473,360 shares with voting rights and 17,530,543 ordinary shares to new institutional holders with a placing price of 183p.
New shares will not be sold as part of the float.
Nucleus had been eyeing a float in 2016, but withdrew its plans after adviser feedback highlighted problems with innovation and efficiency needing attention before a listing.
Commenting on the float, chief executive David Ferguson says: “It’s great to see so many institutional investors believing in the growth potential of this objective and we look forward to collaborating with our users to further promote transparency and improve customer outcomes.”
The Edinburgh-based adviser-owned investor platform has around 2,200 adviser users across 800 firms and is responsible for assets under administration of £14.3bn on behalf of more than 90,000 customers as at 31 May 2018.
Ferguson says: “This is an important milestone as we continue our work to support and promote the strategic alignment of advisers and their customers.”