UK-listed financial services company AJ Bell has confirmed details of its floatation, with at least a quarter of the platform’s share capital set to be made available when it lists later this year.
The UK-based savings and investments platform has set a minimum application value of £1,000 and is now expecting to list on the main market on the London Stock Exchange in December, the company announced this morning.
As reported AJ Bell took the decision to flat on the stock market earlier this year. According to the float details selling shareholders will only be able to sell their existing shares, while institutional investors and AJ Bell customers will see their own offerings made available.
In a statement this morning, AJ Bell said: “The directors believe that this is an appropriate time to bring the group to the public market, reflecting the robust foundations established for future growth. The directors believe that the offer and admission will further enhance the company’s profile and brand recognition with customers and advisers, extend the company’s shareholder base to a wider group of institutional shareholders and AJ Bell customers, assist in the recruitment, retention and incentivisation of all employees, and support AJ Bell’s growth strategy.”
AJ Bell directors and other employees ghat are selling their shares will all be subject to a ‘lock-on’ of 100% of their shares at admission, falling to 50% the following yea.
Investors such as Invesco Perpetual and Seneca Investment Managers will take on a 180-day lock-in, alongside former AJ Bell employees who still have shares in the company and wish to sell them, the company added.