London Stock Exchange today welcomes The SimplyBiz Group plc
London Stock Exchange today welcomes The SimplyBiz Group plc (“SimplyBiz”), a leading independent provider of compliance and business services to financial advisers and financial institutions in the UK, to trading on AIM.
SimplyBiz has raised £64.6m before expenses from a placing of 38,009,377 ordinary shares at a price of 170 pence per Share, implying a market capitalisation of £130.0 million.
Matt Timmins, Joint Chief Executive Officer, commented:
"We are delighted with the success of our Placing and IPO. Our IPO marks 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."
Zeus Capital acted as Nominated Adviser and sole Broker on the Placing and IPO. Eversheds Sutherland acted as legal adviser, KPMG as reporting accountant, Instinctif Partners as financial communications adviser and Link Asset Services as registrar to SimplyBiz.