Gateley raises £30m with AIM float

Commercial law firm Gateley has raised £30m from its listing on London's AIM market.The company raised the cash by placing just under 31.6m shares on the London Stock Exchange's AIM market at 95p each, giving it a market capitalisation of £100m.The company raised $5m and its selling shareholders raised £25m.Cantor Fitzgerald Europe was financial adviser, nominated adviser and broker to Gateley and KPMG was the accountant and tax adviser.The directors believe the AIM listing will provide greater opportunities for Gateley to grow both organically and through selective acquisition. The raising will also give staff a share participation scheme and facilitate a more flexible career structure.According to the company, the admission received strong support from staff, partners and Gateley clients, with approximately 10% of gross placing proceeds being investments in the company by Gateley clients.Chief executive officer Michael Ward said: "The IPO will provide the platform for the continued success of the business, as well as accelerate its growth opportunities and facilitate value creation through an increased ability to acquire, incentivise, differentiate and where sensible diversify."Gateley is the first UK law firm to go public.