Pension Bee IPO to value company at £365m
By Sean Farrell
Date: Wednesday 21 Apr 2021
(Sharecast News) - PensionBee has priced its initial public offering in the middle of its proposed price range, valuing the pension consolidator at about £365m.
The company said it would offer shares to investors at 165p each after gauging market appetite. On 12 April it set a price range of 155-175p with a maximum valuation of about £384m.
PensionBee will raise £55m of gross funds by selling 36.1m new shares. Existing shareholders will also sell £2.8m shares taking the total offer to £59.6m or 16.34% of the company.
The company said in February it would include customers in the IPO as well as institutional investors. The financial technology company's online platform allows customers to track pensions based on their employment history to create a single plan.
Romi Savova, PensionBee's chief executive, 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. 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."
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