London Stock Exchange welcomes Keystone Law Group plc to AIM
London Stock Exchange today welcomes Keystone Law Group plc, a fast growing, UK Top 100, challenger law firm, to celebrate the successful admission of the Company's shares to trading on the AIM market.
Keystone Law is joining AIM by way of a Placing and Subscription of 31,273,941 ordinary shares of £0.002 each at 160p per share, raising gross proceeds of approximately £15.0 million. The Company has chosen to carry out an IPO in order to increase brand recognition whilst lending further credibility to its offering to both clients and lawyers, thereby enhancing the Group’s future growth potential. The net proceeds of the Placing will be used, primarily, to redeem the outstanding amount of the Loan Notes held by certain of Keystone Law's existing shareholders totalling approximately £7.4 million and leave the Group debt free. On Admission, the Company's market capitalisation will be £50.0 million.
As a full-service networked law firm, Keystone Law delivers conventional legal services across 23 service areas and over 50 industry sectors, to a client base comprising predominantly SMEs and private individuals. It is how these services are delivered via Keystone Law's distinctive platform model, rather than the services themselves, which differentiates the Company from other law firms. The success of Keystone Law's platform model, which has been central to the firm's growth to date, has been evidenced by the firm's recent breakthrough into the UK Top 100 law firms.
The Company is led by founder James Knight, who set out to create a new type of challenger law firm in 2002. Alongside him is Finance Director Ashley Miller, who has spent his career establishing and managing international finance departments for SME businesses operating across the professional services sector.
James Knight, Chief Executive Officer of Keystone Law Group plc, said:
"We are delighted to complete our Admission to the AIM market. The entire team has worked hard to establish our position as one of the leading UK mid-market challenger law firms. Our decision to list on the London Stock Exchange will provide us with the most resilient and stable platform to support our ambitious growth plans long into the future.
"The UK legal services market is the second largest in the world and we believe the Keystone model is well placed to take advantage of this significant opportunity. I look forward to continuing with our strategy of quality-centric growth, providing a superb standard of legal service to our many clients and delivering value for our shareholders."