Nucleus floats on AIM with market capitalisation of nearly £140m

Nucleus has listed on the Alternative Investment Market (AIM) at an expected market capitalisation of £140m.

Nucleus’ first day on the stock exchange saw it reach a share price of 183p giving it an expected market capitalisation of £139.9 million. Only 24 hours after the listing it has raised over £32m in the junior market.

The platform said it estimates selling shareholders of the float will receive £32.1 million. Around 23% of Nucleus’ ordinary share capital will be sold in the listing.

The firm’s chief executive David Ferguson called the listing “an important milestone as we continue our work to support and promote the strategic alignment of advisers and their customers”.

“It’s great to see so many institutional investors believing in the growth potential of this objective and we look forward to collaborating with our users to further promote transparency and improve customer outcomes,” he added.

Part of the reason to go public was to offer liquidity to existing investors, including 75 IFA businesses who manage client accounts via Nucleus’s wrap-platform technology and have backed the business from launch.

The business plans to use some of the money raised to pursue projects that would allow it to accelerate its growth and will also put in place share incentive schemes for management and staff.

Nucleus also announced the appointment of two independent non-executive directors to its board.

Margaret Hassall will chair the nomination and remuneration committees, and Tracy Dunley-Owen will chair the risk and audit committees.

Mike Seddon and Stephen Tucker have stepped down from the board with immediate effect.

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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