Register
Login:
Share:
Email Facebook Twitter


Exclusive: Hardman & Co call the lithium market: is a change in trend happening?
Tower Resources identify 18 million barrels of contingent reserves worth $118M in Cameroon


ShareCast News


AJ Bell sets price for upcoming London IPO

Fri, 7th Dec 2018 08:55


(Sharecast News) - Investment platform AJ Bell on Friday reached an issue price of 160p per share for its upcoming initial public offering, giving the group a market capitalisation of approximately 651m from day one.

The IPO price has been set in the middle of the indicative pricing range, which had been set at 154p to 166p.

The Salford Quays-headquartered company, which has almost doubled its assets under administration over the last four years to 46.1bn, will raise total net proceeds of approximately 169.3m for its selling shareholders.

Just over 108m existing shares, representing roughly 26.6% of its entire issued share capital, are being issued in the offer ahead of first dealings on 12 December.

Qualifying customers of the company were offered around 20% of the shares sold in the offer, with all successful applications receiving a minimum of 527 shares but were subject to scaling back due as the offer was over-subscribed.

Chief executive Andy Bell, who founded the company as an online self-invested personal pensions specialist in 1995, 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."

Despite the CEO's confident tone, AJ Bell warned investors in its prospectus that a downturn in the global and British economy, particularly as a result of the UK's departure from the European Union, could have a negative impact on the firm due to Britons having fewer savings to invest with.

The London-based firm turned in an operating profit of 28m in its last trading year, with revenues of 90m.




Back to ShareCast News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk




Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.