Floatation the 'natural next step', says AJ Bell
Investment platform and stockbroker AJ Bell on Sunday said that it has appointed Numis Securities Ltd to explore an initial public offering on the Main Market of the London Stock Exchange.
In a statement, the group, which operates in both the advised and direct-to-consumer markets, said the IPO would include a retail share offer that would be available exclusively to AJ Bell customers resident in the UK.
The company said it does not intend to raise new capital as part of the IPO due its financial strength, profitable business model and debt-free balance sheet.
A year ago the firm reported revenue of £75.6m, up from £64.5m in 2016, and pre-tax profit of £21.7m in 2017 versus £16.8m in 2016.
Assets invested via the AJ Bell platform, which also serves the IFA market in the United Kingdom, have increased by 26% per year every year on average for the past five years.
"We believe the outlook for our business is extremely positive", Bell said.
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Mr Bell is the largest shareholder alongside Invesco Perpetual, with the latter company also to retain its shareholding.
Reports have been circulating in the market for some time that the firm's founder Andy Bell was considering a listing of the company. The need for people to save and invest for their future has never been stronger and we are making it easier for them to do that. It increased its dividend by 10%, to 28.25p a share, equating to a 66% pay-out ratio.
Woodford (pictured) first invested in AJ Bell in 2007 at Invesco Perpetual, before investing again after the launch of his Woodford Equity Income fund and Woodford Patient Capital investment trust.
In order to participate in the early offer, customers must be a customer of AJ Bell's platform.
The listing, on the main market of the United Kingdom stock exchange, is expected at the end of 2018 or early 2019. Financial Conduct Authority rules dictates the fund is not allowed to hold more than 10% of its assets in unlisted shares.
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