AJ Bell announces price range for planned IPO

Written by Oliver Wade

Following its announcement on 19 November of its intention to proceed with an initial public offering (IPO), AJ Bell has today announced the price range and its intention to publish the prospectus later today.

Commenting, AJ Bell chief executive Andy Bell said: “There has been significant interest in our IPO which reflects the potential for expansion in our market, the strength of our business model and our track record of sustainable growth.

“The application period for the IPO is due to open later today and our customers will be able to apply for shares via our investment platform where they will find the prospectus to help inform their decision.”

AJ Bell has set the price range for the offer at £1.54 to £1.66 per ordinary share, suggesting a market capitalisation on admission of between £626m and £675m.

It is expected that the investment platform provider will include the full details of the offer in its prospectus, due to be published later on today.

The application for the qualifying offer will commence following the publication of the prospectus, and completed applications in respect of the customer and employee offer must be submitted by 5pm on 5 December 2018. However, AJ Bell has urged applicants to submit their application at the earliest opportunity.

The final pricing of the IPO is expected to be announced on or around 7 December 2018, with conditional dealings in the shares expected to commence on the London Stock Exchange at 8am on the same day.

Admission of the platform provider’s shares is expected to commence, along with unconditional dealings in the shares, on the London Stock Exchange on or around 12 December 2018.

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