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AJ Bell IPO gives market capitalisation of c£651m

7 December 2018

AJ Bell’s initial public offering has priced its shares at 160 pence per Share, which gives a market capitalisation of the company at approximately £651 million, at the commencement of conditional dealings on the main market of the London Stock Exchange.

This is based on 108,264,032 existing Shares, representing 26.6 percent of the company’s issued share capital immediately following admission to the LSE and the number of shares outstanding.

The Offer will raise total net proceeds of approximately £169.3 million for the Selling Shareholders. Unconditional dealings in the shares will commence on 12 December.

Andy Bell, Chief Executive Officer (pictured), said: “The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth, which I’m massively excited about leading the business through.

“The demand for our IPO from both blue chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us and I’m pleased to welcome our new shareholders on board.
“I’d also like to thank our employees who do so much day in, day out to ensure we deliver great service to our customers and help them to invest.”

Richard Parfect, fund manager at Seneca Investment Managers, one of the company’s largest shareholders said: “We’re pleased that AJ Bell has reached this stage in its evolution. We look forward to continuing to play a part in the growth of AJ Bell and are delighted that one of our funds’ earliest investments has been such a material benefit to our investors.

“Well structured, easy to use, and fairly priced platforms have a compelling place to enable customers to manage their savings portfolios. A market listing should help raise the profile of the platform and it’s feasible that others will follow.”

Professional Paraplanner