Online pensions consolidator PensionBee priced its forthcoming initial public offering at a range of 155.0p to 175.0p on Monday, valuing the firm somewhere between £346.0m and £384.0m.
PensionBee’s IPO, made up of an offer to institutional investors and an offer to eligible customers, has seen more than 12,000 customers sign up to participate so far, with the group offering buyers 35.5m new shares as well as the sale of up to 2.8m existing shares by certain small minority shareholders.
The group hopes to raise gross proceeds of £55.0m to support growth and fund future investment in advertising and marketing initiatives, as well as its technology platform capabilities and for general corporate purposes.
Chief executive Romi Savova said: “An IPO has always been part of PensionBee’s corporate trajectory, and we are extremely proud to be reaching this milestone.
“The flotation will further our vision to help millions of consumers look forward to a happy retirement through our technology platform and dedicated customer service offering that make pensions simple.”
In terms of recent trading, PensionBee said it continued its growth trajectory in line with expectations during the three months 31 March, with assets under administration growing 123% year-on-year to £1.65bn, active customers increasing 77% year-on-year to approximately 137,000 and invested customers shooting up 81% year-on-year to approximately 81,000.
