SimplyBiz 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.
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.