SimplyBiz to float next month

On 4 April the business will float on the Aim market, a subsidiary of the London Stock Exchange.

SimplyBiz to float next month

SimplyBiz Group plans to float on the London Stock Exchange with a valuation of £130m next month.

On 4 April the business will float on the Aim market, a subsidiary of the London Stock Exchange.

The initial public offering with raise around £30m for the company through ordinary shares valued at 170p share. Then £34.6m will be made by selling shareholdings through an institutional placing, with the remaining 49.9% of shares being held by the public.

Matt Timmins, joint chief executive, said: "Our IPO will mark the next stage in our growth story, building on our long, profitable track record.

“Our business is underpinned by strong structural growth drivers and benefits from a highly visible earnings stream.

“We are well placed to deliver ongoing margin expansion and profitability and look forward to continuing to deliver for our shareholders post-IPO.”

The group’s chairman Ken Davy (pictured) is the majority shareholder.

Zeus Capital is acting as nominated adviser and sole broker for SimplyBiz.

Neil Stevens, joint chief executive, added:"Our IPO on the London Stock Exchange will further raise the profile of The SimplyBiz Group, providing additional momentum to our growth strategy and enabling us to put in place additional incentive schemes for our staff.

“We will remain focused on delivering high quality solutions for our customers and continuing to support them in all aspects of running a compliant and successful advice business.

“Our new institutional shareholders will deliver long-term capital that will enable us to develop the group in the years ahead; we welcome them on board and look forward to sharing our growth journey together."