Online retirement services provider Pensionbee has confirmed it will be floating on the London Stock Exchange (LSE).
The move was first rumoured in February 2021.
The firm will undertake an initial public offering (IPO) and apply for admission of its shares to trading on the high growth segment of the main market of the LSE.
The IPO will comprise of new shares expected to raise gross proceeds of around £55m ($76m, €64m) and existing ones to be sold by existing minority shareholders with a total value of up to £5m.
Pensionbee said that none of its founders, directors or senior managers will sell any of their existing shares.
Two groups will be able to access the pension provider’s offer: institutional investors and eligible clients of Pensionbee.
Details
The institutional offer will target investors outside the US in offshore transactions according to regulation, while in the US it will be made available only to a small number of people that are “believed to be qualified institutional buyers”, the firm said.
Pensionbee clients, as well as some of its employees, who are located in the UK, and have an existing pension with the company or who have successfully committed to transfer at least one of their pensions to the firm, will be able to access the retail offer.
This is believed to include at least 9,000 people, who have registered interest so far.
Romi Savova, chief executive of Pensionbee, said: “Becoming a publicly traded company has long been part of our strategy to be the best universal online pension provider and I am delighted to confirm Pensionbee’s intention to float.
“There is a significant growth opportunity for Pensionbee, as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs and the increased duration of working life. Our commitment is, and will continue to be, to put our customers first and I am proud that so many of our customers want to be part of our next phase of growth.
“Our intended IPO will allow us to improve on this commitment by continuing to invest and innovate, driving the growth of our customer base and giving more people control and clarity over their retirement savings.”
