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SimplyBiz to IPO next month

London-Stock-Exchange-Logo-700.jpgSimplyBiz Group will float on the London Stock Exchange next month with a market capitalisation of £130m.

The company has raised a before-expenses total of £30m from an institutional placing of 17,670,149 ordinary shares at a placing price of 170p, as well as £34.6m for selling shareholders though an institutional placing of 20,362,228 ordinary shares at the same price.

The float value is slightly below the expected £140m – £155m touted by Reuters last month.

SimplyBiz joint chief executive Matt Timmins says the group benefits from a “highly visible earnings stream” and is earmarking ongoing margin expansion and profitability for shareholders post-IPO.

London Stock Exchange head ousted in board row

He says: “Our IPO will mark the next stage in our growth story, building on our long, profitable track record. Through our entrepreneurial culture and clarity of strategic vision we have become a disruptive force in financial intermediation.”

With a membership base of more than 3,400 adviser firms and a network of 135 financial institutions, the float for SimplyBiz comes three years after the shelving of its original plans to explore alternative funding options to remain independent.

The announcement of the SimplyBiz float wrap platform Transact listing and less than a week after AJ Bell also confirmed its IPO plans.

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