PensionBee confirmed its intention undertake an initial public offering (IPO) on the High Growth Segment of the Main Market of the London Stock Exchange on Tuesday.
The online pension provider said it plans to issue shares worth around £55 million with shares with a value of approximately £5 million to be sold by existing minority shareholders.
The final offer price is yet to be determined following a book-building process, with Admission currently expected to occur in April 2021.
“Becoming a publicly-traded company has long been part of our strategy to be the best universal online pension provider and I am delighted to confirm our intention to float,” the company stated.
“There’s a significant growth opportunity for PensionBee, as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs and the increased duration of working life,” they added.
The company was founded in 2014 by current CEO Romi Savova and CTO Jonathan Lister. It has around 130,000 active customers and £1.5 billion in assets under management.
PensionBee customers will have access to the IPO if they are based in the UK and pass security checks.