SimplyBiz to float on London Stock Exchange
Set to happen on 4 April
SimplyBiz is set to float on the London Stock Exchange with a market capitalisation of £130m.
The compliance and support services business said it had raised £30m from an institutional placing of ordinary share at 170p and £34.6m for selling shareholders through an institutional placing. The float is set to take place on 4 April.
Zeus Capital is acting as nominated adviser and sole broker to the company.
Joint chief executives Matt Timmins and Neil Stevens have been running the business since 2010. Over this period revenues have grown 366% from £12m to £44m.
Timmins (pictured) said: "Our business has evolved significantly since 2002 and we are now the UK's leading provider of compliance and business services to directly authorised financial advisers.
"Through our entrepreneurial culture and clarity of strategic vision we have become a disruptive force in financial intermediation, building a membership base of over 3,400 adviser firms and associated proprietary network of 135 financial institutions.
"Our business is underpinned by strong structural growth drivers and benefits from a highly visible earnings stream. We are well placed to deliver ongoing margin expansion and profitability and look forward to continuing to deliver for our shareholders post-IPO."
Stevens added: "Our IPO on the London Stock Exchange will further raise the profile of the SimplyBiz Group, providing additional momentum to our growth strategy and enabling us to put in place additional incentive schemes for our staff.
"We will remain focused on delivering high quality solutions for our customers and continuing to support them in all aspects of running a compliant and successful advice business."
He added: "Our new institutional shareholders will deliver long-term capital that will enable us to develop the group in the years ahead; we welcome them on board and look forward to sharing our growth journey together."
