Pensions fintech PensioneBee has announced a shift on the London Stock Exchange’s main market today as it eyes up profitability this year.
The firm floated on the capital’s junior market in April last year at a valuation of £365m but bosses said a premium listing will broaden its investor base and boost its profile in the UK and beyond.
“The Transfer will bring with it a number of benefits to the Company and its shareholders and does not consider there to be any particular risk associated with the Transfer,” they said in a statement today.
The firm listed as potential benefits the “increased protections for shareholders under the Listing Rules” due to the more rigorous standards placed on firms on the main market, increased trading liquidity of PensionBee’s shares as a result of potential inclusion in the FTSE UK Index Series; as well as an enhanced company profile in the UK and internationally.
PensionBee has had a turbulent time on the public markets since floating last year, with its share price sliding over 15 per cent, but bosses have been on a major customer acquisition push to accelerate a push to profitability.
At its full year results in March, the firm notched up losses of £25m for 2021, with £12.9m pumped into marketing alone to scale up its customers numbers, sparking a 63 per cent surge in registered customers to 658,000.
PensionBee boss Romi Savova told City A.M. earlier this year that listing rules reform was needed to help UK firms flourish.
“I am pleased that the Government is engaging with tech companies as part of looking ahead to reviewing the London listing environment,” she said.
“Now more than ever we have the chance to ensure the regime continues to make London a brilliant place for companies to flourish.”
Government is understood to be eyeing up an overhaul of capital markets rules this year to make London a more attractive place to float firms.
A review by Lord Hill, commissioned by ministers last year, has seen a number of reforms pushed through, including the introduction of dual class share structures which allow founders to retain more control of their business after flotation.