AJ Bell Announces Plans For IPO With Exclusive Retail Share Offer
AJ Bell has today confirmed that it plans to list on the Main Market of the London Stock Exchange at the turn of the year.
The online investment platform & stockbroker service provider, which was founded in Manchester in 1995, expects to float in December 2018 or early 2019.
The Manchester-based firm is working with institutional stockbroker and corporate advisor Numis Securities on the float.
AJ Bell said the IPO will include a retail share offer that will be available exclusively to AJ Bell customers, but the company said the IPO was not a ploy to poach customers.
In a statement, Andy Bell said: "We are definitely not looking to poach customers through launching the IPO.
"We want customers to come on to us if they’re interested in investing, open accounts and be long standing customers. We are expecting advisers to be neutral to the idea of their clients investing in the IPO.
"When we approached financial advisers initially with our idea, some were unsure of how it would work and a bit sketchy about the time frame. But we are confident that this is the right decision for the business.”
Any retail investors keen to get involved in the IPO will need to open an account with the company by 15th October.
The IPO will be open to advised and non-advised resident customers in the UK - the application period for eligible customers expected to begin in November or December.
Retail investors can apply for AJ Bell shares through their self invested personal pension (Sipp), Isa, Lifetime Isa or dealing account.
In both cases, the minimum value of shares investors can apply for will be £1,000.
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Andy Bell said: “An IPO is a natural next step in our journey and will provide a further boost to our future growth through the increased profile a stock market listing will give us.
“We believe the outlook for our business is extremely positive. The need for people to save and invest for their future has never been stronger and we are making it easier for them to do that.”
The proposed IPO would also see chief executive Andy Bell reduce his stake by 10%, reducing his total stake in the business to 25%.
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