19th Aug 2021 21:21
(Alliance News) - Online retail investment platform interactive investor has invited several investment banks to propose an initial public offering in London that could value the company at up to GBP2 billion, Sky News reported Thursday.
Sky News reported that the fund supermarket has started pitching a potential 2022 flotation to several banks, although according to bankers a formal decision has yet to be made, and will depend on market conditions.
Should a flotation take place, it is likely that the Manchester-based firm would be valued in a range of GBP1.5 billion and GBP2.0 billion.
Sky News described ii as the second largest fund supermarket, beaten only by FTSE 100 constituent Hargreaves Lansdown, however, it operates differently by using a flat-fee subscription model.
For the six months ended June 30, the company reported a 19% rise in net revenue year-on-year to GBP76.1 million from GBP63.8 million, with a 33% rise in new clients to 31,667.
https://news.sky.com/story/interactive-investor-lines-up-banks-for-blockbuster-london-flotation-12385294
In April, interactive investor had appointed Gordon Wilson as chair as part of its IPO plans, and further back in March, Chief Executive Officer Richard Wilson told the Financial Times it was considering an IPO.
Wilson told the newspaper in March that ii is "looking at the various options" and that a "natural outcome for a firm like us, as a kind of a consumer-facing retail firm, would be" an initial public offering.
By Dayo Laniyan; [email protected]
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