PensionBee says it is looking to accelerate growth after making its IPO on the London Stock Exchange.
PensionBee has made its bow on the London stock exchange with a valuation of £365 million. The share price of 165p was in the mid-point of the 155p to 175p range it had been aiming for.
In an announcement it confirmed that it will reach the £365 million mark when it debuts on the high growth segment of the London Stock Exchange next week. The company is offering buyers 33.3million new shares which will raise proceeds of around £55million as well as the sale of 2.8million existing shares by a small minority of its shareholders. In total, the offer reached £59.6million.
“We are delighted with the strong support that we have received from institutional investors and our customers, who understand the importance of our vision, to simplify pensions so that everyone can look forward to a happy retirement,” said CEO Romi Savova .
“Our achievement is testament to our excellent track record and the strength of the opportunity that lies ahead for PensionBee.”
PensionBee will be listed under the £PBEE and will only be open to conditional trading for most of this week limiting the opportunities for retail investors to get involved.
Rumours of their private pension provider’s intentions first surfaced in November 2020 after a string of positive performances which persuaded management to accelerate their plans. They confirmed their intentions last month saying it planned to use its IPO to invest in future growth.
So far, trading looks positive, which is in stark contrast to the somewhat volatile of Deliveroo which suffered a sharp drop in its share price after admission. It will offer encouragement to other companies such as Wise – formerly TransferWise – which is thought to be planning its own public listing.