Proactive Investors - Run By Investors For Investors

AJ Bell shares soar on first day trading after investment platform provider IPOs at 160p a share

In afternoon trading, the stock was changing hands at 219p each, just below the session peak of 224p, against the IPO price which was bang in the middle of the target range of 154p to 166p
Andy Bell
The offering comprised 108,264,032 existing shares, representing 26.6% of AJ Bell's issued share capital and raised around £169.3mln for selling shareholders

AJ Bell PLC (LON:AJB) saw its value soar by almost a third as its shares started conditional trading on the London Stock Exchange on Friday following an initial public offering (IPO) that valued the investment platform provider at around £651mln.

In afternoon trading, the stock was changing hands at 219p each, just below the session peak of 224p, against an offer price of 160p which had been bang in the middle of the target range of 154p to 166p.

READ: AJ Bell set to float on London Stock Exchange with market value of up to £675mln

The offering comprised 108,264,032 existing shares, representing 26.6% of the company's issued share capital immediately following admission, and it raised around £169.3mln for selling shareholders. Retail investors got around 20% of the shares offered, with customers getting a minimum of 527 shares each.

In the year ending 30 September 2018, AJ Bell had an operating profit of £28mln, on revenue of £90mln and employed more than 750 people.

Andy Bell, the firm’s chief executive officer commented: "The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth, which I'm massively excited about leading the business through.

"The demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead."

Unconditional dealings in the shares will commence at 8.00 am on 12 December 2018.

 -- Adds share price --

View full AJB profile View Profile

AJ Bell Timeline

Related Articles

Blockchain technology
Thu
The investment firm finances and manages the development of early-stage blockchain technology companies
code
May 08 2019
The venture capital investment company invests in early-stage tech companies, with a portfolio that includes blockchain company, Arcology, and Pressland, an enterprise platform dedicated to fighting false news and misinformation
1549886982_asia.jpg
February 28 2019
Investment company Adamas, under Harmony Capital’s management, is focused on opportunities in the SME sector

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use