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Sipp and SSAS provider to raise £179m in stock market listing

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Sipp and SSAS provider Xafinity is looking to raise £179m by floating on the London Stock Exchange.

The initial public offering is expected to complete this Thursday, offering up nearly 95 per cent of the company in shares, giving it a total market capitalisation of £190m.

Net proceeds are estimated at £46m, which will be used to pay off part of the firm’s existing debt.

Xafinity currently has around £86m in debt.

Xafinity currently offers advisory and compliance services to more than 550 pension schemes. It also runs its own master trust, Sipp and SSAS wrappers.

It is mainly focused on the defined benefit market, but also provides services to Sipp and SSAS providers and trustees.

Xafinity co-chief executive Ben Bramhall says: “We have a very clear strategy to continue investing in our people and the services we provide to clients, including de-risking solutions.  At the same time, we will continue to develop our highly accredited master trust, the National Pension Trust, as we believe this is a solution that employers need in the new world of flexible pensions.”

Xafinity bought Alliance Trust’s SSAS business in 2012.

Later that year, pensions software provider the Equiniti Group sold Xafinity to private equity firm CBPE Capital for an undisclosed amount.

In 2015, it extended its SimplySipp offering to include  two investment accounts, allowing clients to pursue accumulation and decumulation strategies in the same wrapper.

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