17th Mar 2025 10:27
(Alliance News) - MHA PLC on Monday announced it plans for an initial public offer on London's AIM market.
The Milton Keynes, England-based professional services provider, currently named Project Balance Topco 1 PLC, seeks to raise up to GBP125 million via a placing of shares, with another up to GBP6 million coming from an offer to retail investors.
MHA is expecting its IPO "in the coming weeks".
Chair Rakesh Shaunak will move to chief executive officer upon the IPO, replaced as chair by Geoffrey Barnes. Chief financial officer will be Steven Moore.
The company, which is an independent UK member of Baker Tilly International, said it was the 13th largest accountancy firm in the UK by revenue last year. Barnes was executive chair of Casson Beckman, an accountancy and professional services firm that merged with Baker Tilly in 1997.
Cavendish Capital Markets is acting as nominated adviser, bookrunner and broker for the IPO.
Chair Shaunak said: "Announcing our intention to float on AIM marks an exciting milestone for MHA and our people - one that we believe will be best suited to the London market. Our teams have worked hard to build a high-performing, high-growth business in audit and assurance, tax, accountancy, and advisory services. This success has been driven by a commitment to exceptional client service, carefully selected strategic acquisitions, and continuous investment in leading talent and technology.
"With demand for high-quality advisory services increasing alongside rising regulatory complexity, we believe we are well positioned to strengthen our market position while continuing to serve our clients with the same dedication and expertise they expect."
He added: "An IPO would represent the next stage in our evolution, creating a platform for further expansion while preserving the values and approach that have underpinned our success to date. It would bring together partners and new investors with a shared ambition to scale MHA faster, drive innovation, and capitalise on market opportunities. Crucially, it would allow us to offer equity participation to future partners and leaders, ensuring they have a direct stake in the firm's continued growth.
"The additional capital would enable us to accelerate expansion and enhance our capabilities, helping us move more efficiently and sustainably towards our medium-term goal of exceeding GBP500 million in annual revenues."
MHA reported revenue of GBP154.0 million for the financial year that ended March 31 last year, up 37% from GBP112.8 million in financial 2023.
Earnings before interest, tax, depreciation and amortisation grew 26% to GBP61.6 million in financial 2024 from GBP48.9 million in financial 2023.
By Tom Budszus, Alliance News slot editor
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