On the go: Pension consolidator PensionBee is considering floating on the London Stock Exchange, which it says will allow it to invest in future growth.
In an announcement on Tuesday, the company said it planned an institutional offering as well as an offer for existing customers, with shares to be admitted to the high growth segment of the London Stock Exchange's main market. This is only available to companies with an expected market value of £300m.
PensionBee said that so far more than 8,000 eligible customers had registered to participate.
Romi Savova, chief executive officer of PensionBee, said the prospective IPO will enhance the company's ability to invest in future growth.
Savova said: “It was always our plan to offer our customers a chance to participate in the IPO and we are thrilled to be giving them the opportunity to share in our next phase of growth."
She added: “Our rapid growth to date has been fuelled by customers being attracted to our leading combination of proprietary technology and customer service, and our commitment to putting our customers first.
“Our mass-market appeal, combined with the increasing transition to digital and the ever greater need for financial wellbeing, leaves PensionBee well positioned.”
PensionBee helps savers consolidate their pensions. The company was founded in 2014 by Savova and chief technology officer Jonathan Lister Parsons, to simplify pension savings in the UK following a difficult pension transfer experience for Savova using traditional platforms. It has about 130,000 customers and £1.5bn of assets under administration.
This article originally appeared on ftadviser.com
