PensionBee has published the pricing details for its initial public offering (IPO), confirming that the price range for the offer has been set at 155 pence to 175 pence per share, implying an estimated market capitalisation at admission of between £346m and £384m.

The offer will be made up of 35,483,870 new shares, alongside 2,815,896 existing shares from certain existing small minority shareholders, although the group confirmed that none of the founders, directors or members of senior management would be selling their shares.

The company stated that it intends to raise gross proceeds of £55m to support future growth, by funding future investment in its advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes.

The group initially announced plans to float on the London Stock Exchange in March, confirming that it would proceed with the IPO at the end of the month, having also published plans to offer customers IPO access prior to this.

Indeed, as previously confirmed, the offer will comprise of both an institutional offer and direct customer offer, with over 12,000 eligible customers so far having registered in order to be able to participate.

As part of the IPO, the company has also agreed to a 180-day lock-up, whilst the executive directors and founders have agreed a 720-day lock-up, and other directors, senior management, and other major existing shareholders have agreed to a phased lock-up over a period of 18 months.

Commenting on the update, PensionBee chief executive officer, Romi Savova, said: "An IPO has always been part of PensionBee's corporate trajectory, and we are extremely proud to be reaching this milestone.

“The flotation will further our vision to help millions of consumers look forward to a happy retirement through our technology platform and dedicated customer service offering that make pensions simple.

“We're delighted that so many of our customers wish to join us as shareholders and look forward to welcoming all of our new investors as important stakeholders in our business."

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