AJ Bell has listed on the main market of the London Stock Exchange at an expected market capitalisation of around £651m.
Investors will be able to purchase shares at 160p per share. The offer comprises of 108,264,032 existing shares, representing 26.6% of the company's issued share capital.
Dealing on the investment company began at 8am on Friday morning (7 December) for AJ Bell customers who qualified to purchase company shares. Investment will be available to the wider market from 8am on Wednesday 12 December.
The listing will raise total net proceeds of approximately £169.3m for the selling shareholders.
In September, AJ Bell confirmed qualifying customers in the UK will be able to apply for shares via the AJ Bell online investment platform.
The platform business, which has popular D2C and advised propositions with a combined £42bn AUA, said it wanted to reward its long-term client base and is letting its customers have access to the IPO.
This offer represented 20% of the shares in the offer and, according to the platform company, was heavily oversubscribed. All successful applications received a minimum of 527 shares prices at 160p per share, but were subject to scaling back due to over-subscription.
AJ Bell chief executive officer Andy Bell (pictured) said: "The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth, which I am massively excited about leading the business through.
"The demand for our IPO from both blue chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us and I'm pleased to welcome our new shareholders on board.
"I'd also like to thank our employees who do so much day in, day out to ensure we deliver great service to our customers and help them to invest."
Headed up by Penny Kyle
Ex-Standard life manager Angela Burns
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