SimplyBiz Group today announced its intention to float on the London Stock Exchange for a market capitalisation of £130 million. 

The compliance provider for financial advisers issued a statement, which said it has conditionally raised £30 million before expenses from an institutional placing of 17,647,149 ordinary shares at a placing price of 170p, and £34.6 million (before expenses) for selling shareholders by way of an institutional placing of 20,362,228 shares at 170p. Admission to AIM is expected at 8am on 4 April.

The business said it has 2,200 financial adviser member firms with responsibility for £40 billion aggregated Assets Under Administration. The firm’s revenues were £22.1 million last year.

 
Matt Timmins, joint chief executive, said: "Our IPO will mark the next stage in our growth story, building on our long, profitable track record. 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.”

Neil Stevens, joint chief executive, said the move would “further raise the profile” of the firm, “providing additional momentum to our growth strategy and enabling us to put in place additional incentive schemes for our staff”.

He said: "Our new institutional shareholders will deliver long-term capital that will enable us to develop the group in the years ahead."