Mortgage network the Mortgage Advice Bureau has announced it will be valued at almost £81m when it lists on the Alternative Investment Market on Friday (14 November).
The network is comprised of more than 110 appointed representatives and 600 advisers.
Based on a placing price, the total market capitalisation of Mortgage Advice Bureau on admission to Aim will be about £80.8m.
It has priced its initial public offering of 22.715m ordinary shares at 0.1p each. At the flotation, 55 per cent of the shares will not be in public hands.
Post admission to Aim, Peter Brodnicki, chief executive of MAB, and connected trusts will have gone from having a 53.3 per cent stake in the business, to 35.9 per cent.
The remaining directors and members of senior management will own about 13 per cent.
JPMorgan Asset Management now has a 9.9 per cent stake in the mortgage network, Henderson Volantis Capital has a 6.7 per cent holding, Investec Asset Management has 6 per cent, while Majedie Asset Management has 5.3 per cent.
Mr Brodnicki said: “We are delighted that MAB has received such strong demand from investors, despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.
“Mortgage intermediaries play an important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased.
He added: “Our admission to Aim will provide us with a strong platform from which to build on our success to date by taking advantage of this increased intermediary market share, with a view to attracting more high quality and strongly performing intermediary firms into our network and franchise propositions.”
emma.hughes@ft.com
