PensionBee has confirmed that it will be proceeding with plans to float on the London Stock Exchange, in an offer which could see the firm raise up to £60m through the issuance of new and existing shares.

The group announced that it was considering an initial public offering (IPO) earlier this month, and has since confirmed that it will proceed with plans to trade on the High Growth Segment of the Main Market of the London Stock Exchange.

Existing shares to be sold from “certain existing small minority shareholders” of up to £5m will be included in the offer, alongside new shares, which are expected to raise gross proceeds of around £55m.

However, none of the founders, directors, or members of senior management will be selling their existing shares.

The final offer price will be determined following a book-building process, with admission expected to occur in April 2021.

Keefe, Bruette & Woods, acting through Stifel Nicolaus Europe Limited, has been engaged as key adviser and sole global co-ordinator, in connection with the IPO.

As expected, the IPO will also comprise of both an offer to institutional investors and an offer to eligible customers of PensionBee.

The group has been working with PrimaryBid in order to be able to give customers the opportunity to become shareholders, with over 9,000 eligible customers now registered through this platform in order to participate, up from the 8,000 registered as of 23 March.

Commenting on the announcement, PensionBee chief executive officer, Romi Savova, said: "Becoming a publicly traded company has long been part of our strategy to be the best universal online pension provider and I am delighted to confirm PensionBee's intention to float.

“There is a significant growth opportunity for PensionBee, as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs and the increased duration of working life.

“Our commitment is, and will continue to be, to put our customers first and I am proud that so many of our customers want to be part of our next phase of growth.

“Our intended IPO will allow us to improve on this commitment by continuing to invest and innovate, driving the growth of our customer base and giving more people control and clarity over their retirement savings."

Further details in relation to the offer will be disclosed in the group's prospectus.

Share Story: