Wednesday 21 April 2021 8:12 am

Pensionbee valued at £365m ahead of London IPO

Pensionbee has priced its IPO at 165 pence per share valuing the company at £365m ahead of its listing this month. 

The pension consolidation business is set to join the high growth segment of the London Stock Exchange. Last week it announced an offer price range of between 155p and 175p per share. 

The offer includes the sale of 33,333,333 new shares raising proceeds of around £55m and a sale of more than 2m existing shares, equating to a total offer size of £59.6m.

It has said the cash will be used to fund investment in its platform, as well as in advertising and marketing activities. 

“We are delighted with the strong support that we have received from institutional investors and our customers, who understand the importance of our vision, to simplify pensions so that everyone can look forward to a happy retirement,” chief executive Romi Savova said. 

Pensionbee’s prospectus filed last week revealed its assets under administration grew 123 per cent year on year to £1.7bn following rapid growth in customer numbers.

It also showed more than 12,000 customers had so far registered to take part in the float. 

Pensionbee was founded in 2014 by Savova and its chief technology officer Jonathan Lister Parsons.

The fintech has committed to a 180-day lock-up period, meaning shareholders will not be allowed to sell stock immediately following the float. The company’s executive directors and founders have agreed to a 720-day lock-up.