Pensions  

PensionBee valued at £365m ahead of IPO

PensionBee valued at £365m ahead of IPO
 Romi Savova, founder and chief executive of PensionBee

Consolidator PensionBee has been valued at £365m as it floats on the London Stock Exchange, with the offer price set at 165p per share.

In an announcement this morning (April 21), PensionBee said the market capitalisation of the company will be approximately £365m once it joins the High Growth segment of the main market of the London Stock Exchange next week.

It had previously estimated a valuation of between £346m and £384m, or 155p to 175p per share.

The company will now offer buyers 33.3m new shares, raising gross proceeds of about £55m, as well as the sale of 2.8m existing shares by certain small minority shareholders, equating to a total offer size of £59.6m.

The firm previously said it had more than 12,000 customers sign up to participate in the IPO.

Conditional dealings are expected to take place this morning (April 21) under the ticker PBEE, with admission of the company's shares to the LSE expected to occur at 8am on April 26.

Romi Savova, chief executive officer of PensionBee, said: "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.

“Our achievement is testament to our excellent track record and the strength of the opportunity that lies ahead for PensionBee. Being a publicly traded company will enable us to further develop our customer-focused proposition and to extend our reach to millions of consumers across the UK, whilst continuing to use our voice to make positive changes in the pensions industry.

“Thank you to everyone who has helped us reach this moment, and especially to the PensionBee team who serve our customers every day. We warmly welcome our new shareholders and look forward to this next phase of our exciting growth journey."

News of the pension provider’s IPO intentions first broke in November 2020, following a period of strong performance which had accelerated management’s plans.

Last month, the firm confirmed these intentions, saying the IPO will allow it to invest in future growth.

Founded in 2014, the pension consolidator was one of the first platforms to join the Association of British Insurers, following Hargreaves Lansdown and Vanguard.

At the time the ABI stated it was looking to reflect the “changing nature of the long-term savings market” and pension consolidators have since been recognised as a potential threat to the traditional advice market

amy.austin@ft.com

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