PensionBee's offer price upon floating on the London Stock Exchange (LSE) has been set at 165 pence per share, resulting in an estimated market value of £365m.

The initial public offering (IPO) comprises 36,149,229 shares, including 33,333,333 new shares to be issued by the company, which are expected to raise gross proceeds of around £55m.

A sale of 2,815,896 existing shares by certain existing minority shareholders equates to a total IPO size of £59.6m, representing 16.34 per cent of PensionBee’s issued share capital at admission.

Earlier this month, PensionBee published the pricing details for its IPO, confirming that the price range for the offer had been set at 155 pence to 175 pence per share, implying an estimated market capitalisation at admission of between £346m and £384m.

"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,” commented PensionBee CEO, Romi Savova.

“Our achievement is testament to our excellent track record and the strength of the opportunity that lies ahead for PensionBee. Being a publicly traded company will enable us to further develop our customer-focused proposition and to extend our reach to millions of consumers across the UK, whilst continuing to use our voice to make positive changes in the pensions industry.

“Thank you to everyone who has helped us reach this moment, and especially to the PensionBee team who serve our customers every day. We warmly welcome our new shareholders and look forward to this next phase of our exciting growth journey."

PensionBee is expected to float on the LSE from 8:00am on 26 April 2021.

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