12/7/2018, 10:43 AM (Source:
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AJ Bell rises by more than third in London flotation

Brokerage AJ Bell Plc, which offers online investment and simplified portfolios, the so-called wrap accounts, surged 34.55% in early trade to 223.36 pence per share in its initial public offering on the London Stock Exchange. The valuation of the company headquartered in Manchester reached £908 million.

The debut of only the existing stocks started at 162 pence, compared to the final pricing of 160 and the earlier expected range of 154 to 166 pence per share. Owners floated a 27% stake. Andy Bell, founder and chief executive, said demand from blue-chip entities and customers was substantial. "The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth," he stated.

The company boss sold 3%, leaving him with a stake of one quarter. Invesco reduced its share to 25% from 44%.

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