Support service provider SimplyBiz has completed its listing on the London Stock Exchange.
SimplyBiz, which also offers its own range of funds and panel services to providers, issued its entire share capital to the Aim market at 8am today.
With a placing price of 170p per share, the firm has achieved a market capitalisation of around £130m. As of 8.20am, the price was down to 163p per share.
According to listing documents, the £26m in new money raised through the float will be used to pay down debt and support further growth including through acquisition.
The document notes that an IPO would also “provide for Ken Davy, the group’s chairman and current majority owner, and other selling shareholders to sell down all or part of their respective holdings.”
Davy will continue to hold around 40 per cent of the shares after listing.
Joint chief executives Neil Stevens and Matt Timmins, along with chief operations officer Sarah Turvey and compliance director Gary Kershaw were set to subscribe to a management incentive plan, with a special class of shares to encourage them to stay with the company.
A number of shareholders have entered into lock-in agreements including those in the management incentive plan.
Other employees will also be able to buy shares in the company as part of an incentive scheme.
Initially, reports had suggested valuations could reach as high as £155m, with £30m of new capital raised.