"Our IPO on the London Stock Exchange will further raise the profile of The SimplyBiz Group, providing additional momentum to our growth strategy"
The Placing will raise approximately £30 million for the Company and approximately £34.6 million for selling shareholders by way of a conditional placing of ordinary shares at a price of 170 pence.
Admission is expected to occur on the 4th April with a market capitalisation of £130 million.
Matt Timmins, joint chief executive officer, commented: "We are delighted to announce our proposed placing and admission to AIM. Our IPO will mark the next stage in our growth story, building on our long, profitable track record.
"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."
Neil Stevens, joint chief executive officer, 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.
"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."
