PensionBee have made the long-awaited announcement of their intent to float on the London Stock Exchange after providing their own customers with an early invitation to register an interest in the IPO. More than 8,000 PensionBee customers have already registered an early interest ahead of institutional investors who will now have the scope to participate in the float.
PensionBee shares would be admitted to the High Growth Segment of the London Stock Exchange joining a spurt of tech listings that include Moonpig last month, Trustpilot and TransferWise later this year to name a few.
This surge in activity in the tech sector is expected to provide a welcome boost to London’s financial markets following Brexit at the start of 2021. It comes in the wake of the UK government’s ambition to overhaul London’s listing rules in order to allow companies to list dual-class shares on the stock market. London has now become the focus for several companies who were previously considering listing in Europe previous to the report released by the UK treasury.
PensionBee have experienced 80 per cent growth during the pandemic as individuals use the extra time afforded by lockdown to get their affairs in order and consolidate their pensions into one easy to manage pot. PensionBee founder and CEO Romi Savova has stated that the recent digitalisation of the economy “made us consider (a float) earlier” than expected.
Mark Wood, chairman of PensionBee added…
This is a key milestone for PensionBee. Transparency and strong corporate governance are key aspects of an IPW and are core to our strategy of becoming the best universal online pension provider”.
PensionBee was founded in 2014 with the sole aim to simplify pension savings in the UK. The firm now boasts over 130,000 customers and has £1.5bn of assets under administration.
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