On the go: Consolidator PensionBee could be valued at between £346m and £384m when it floats on the London Stock Exchange.
In an announcement on Monday, PensionBee said a price range for the initial public offering has now been set at 155p to 175p a share, implying an estimated market capitalisation of between £346m and £384m.
The IPO is made up of an offer to institutional investors (the institutional offer) and an offer to eligible customers of PensionBee (the customer offer).
According to the company, more than 12,000 customers have signed up to participate in the IPO so far. PensionBee will now offer buyers 35.5m new shares, as well as the sale of up to 2.8m existing shares by certain small minority shareholders.
Through this, the company intends to raise gross proceeds of £55m to support future growth by “funding future investment in PensionBee’s advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes”.
None of the founders, directors or members of senior management are selling their shares.
Romi Savova, chief executive of PensionBee, said: “An IPO has always been part of PensionBee’s corporate trajectory, and we are extremely proud to be reaching this milestone.
“The flotation will further our vision to help millions of consumers look forward to a happy retirement through our technology platform and dedicated customer service offering that make pensions simple.
“We’re delighted that so many of our customers wish to join us as shareholders, and look forward to welcoming all of our new investors as important stakeholders in our business.”
Under its lock-up terms, investors will not be able to sell for 180 days, while the company’s executive directors and founders have agreed to stay in for 720 days.
The company said it had continued its growth trajectory in line with expectations for the period to March 31 2021. Its assets under administration grew by 123 per cent year on year to £1.65bn.
Meanwhile, active customers grew by 77 per cent year on year to approximately 137,000, and invested customers increased by 81 per cent year on year to approximately 81,000.
This article originally appeared on ftadviser.com
