On the go: PensionBee is aiming to raise £55m through issuing new shares, as the pension provider confirms its intention to list on the London Stock Exchange.
The group, which first made its intentions public on March 23, published on Tuesday its registration document for an initial public offering on the LSE.
The pensions consolidator, with £1.5bn of assets under administration, is applying for admission to the high-growth segment of the main market on the exchange.
The final offer price has yet to be determined following a book-building process, with admission expected for sometime in April 2021.
The offer will comprise new shares to raise gross proceeds from institutional investors of approximately £55m, and existing shares to be sold to a small minority of shareholders for £5m.
None of PensionBee’s founders, directors or senior management are selling their shares.
“Becoming a publicly traded company has long been part of our strategy to be the best universal online pension provider and I am delighted to confirm PensionBee’s intention to float,” said PensionBee chief executive Romi Savova.
“There is a significant growth opportunity for PensionBee, as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs, and the increased duration of working life.”
This article originally appeared on ftadviser.com
