The Mortgage Advice Bureau has floated on the Alernative Investment Market valued at more than £80m, its chief executive Peter Brodnicki has announced.
The share price was set at 160p for each ordinary share, and Mr Brodnicki will see his 53.3 per cent stake valued at £42m.
He said: “We are delighted to announce our successful float on AIM, which has received strong demand from investors, despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.”
Mr Brodnicki said he hoped the float would lead to the growth of the network and franchise partners, attracting more intermediary firms into its two propositions.
He said: “Mortgage intermediaries play a very important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased, and I expect it to increase further.”
Background
In October, challenger bank Aldermore cancelled its float because of concerns about the market. In June, Lloyds Banking Group made £455m by selling a 35 per cent stake in TSB, valuing the business at £1.3bn. Virgin Money is set to float on 14 November, at a value of between £1.25bn and £1.45bn.
