14th Sep 2021 10:04
(Alliance News) - Stock broker and investment bank Peel Hunt Ltd on Monday confirmed its plan for an initial public offering, saying it expects to go public on London's AIM market on September 29.
The London-based company, founded in 1995, provides capital markets services to UK mid- and small-cap companies, as well as executing trades for retail platforms and brokers. It made GBP196.8 million revenue in the financial year ended March 31, more than double the previous year's GBP95.5 million.
In April, Sky News first reported Peel Hunt's plan for an IPO, saying it was targeting a GBP350 million valuation. The offering will be a windfall for staff as the majority are shareholders, Sky noted.
Peel Hunt said on Tuesday its IPO will include a retail offer via intermediaries and an employee offer. The intermediaries offer will be facilitated by Peel Hunt through its Retail Capital Markets portal. Together, the intermediaries and employee offers will be limited to EUR8 million.
Going public will support the next phase of growth, including establishing a European presence, Peel Hunt said on Tuesday. The firm was previously listed on the London Stock Exchange, before being taken private in 2001.
Peel Hunt also announced it plans to replace its chair, Simon Hayes, with Lucinda Riches. Riches has joined the board as a non-executive director and is expected to become chair after next year's annual general meeting. She has served as director of several listed companies, including Ashtead PLC, CRH PLC and Greencoat UK Wind PLC.
"The IPO represents an important milestone in our journey and allows us to accelerate our growth plans, building on the strong momentum in our business" Chief Executive Steven Fine said.
"With an extensive career in investment banking and as a non-executive director on listed company boards, Lucinda's skills and experience will be invaluable to us as we move forward," he added.
By Ivan Edwards; [email protected]
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