Online pension company PensionBee is set to be valued at between £346 million and £384 million when it IPO’s in London.
The London based company said on Monday morning that the price range for the offer has been set at 155 pence to 175 pence per share.
“The Company intends to raise gross proceeds of £55 million to support future growth, by funding future investment in PensionBee's advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes,” PensionBee said in its statement.
The IPO will comprise an offer to institutional investors and an offer to eligible customers of PensionBee.
The company has made a direct offer to customers in the UK, with over 12,000 eligible customers registered for the offering so far.
Buyers will be offered 35.4 million new shares, with a sale of up to 2.8 million shares to be made by certain minority shareholders. None of the founders, directors or members of senior management of PensionBee is selling any existing shares, the company said.
Assets under administration for PensionBee grew 123% to £1.65 billion for the period ending 31st of March 2021, with active customers growing 77% year on year to approximately 137,000 and Invested Customers grew by 81% year on year to around 81,000.
“An IPO has always been part of PensionBee's corporate trajectory, and we are extremely proud to be reaching this milestone,” said Romi Savova, CEO of PensionBee.
The flotation will further our vision to help millions of consumers look forward to a happy retirement through our technology platform and dedicated customer service offering that make pensions simple,” added Savova.