Pensionbee planning £350m IPO on London Stock Exchangewritten by Bella Palmer
The London-based firm helps savers consolidate their old pensions into one new plan
A fast-growing pensions disrupter is planning a £350 million float on the London Stock Exchange (LSE).
London-based Pensionbee revealed the news in a regulatory filing, saying it plans an institutional offering and an offer for existing customers.
The firm helps savers consolidate their old pensions into one new plan and is also targeting the self-employed market.
It has around 130,000 active customers. Over 8,000 of them have registered their interest for the offer so far through investment platform PrimaryBid.
PensionBee was founded in 2014 by CEO Romi Savova, an ex-Goldman Sachs and Morgan Stanley employee and CTO Jonathan Lister Parsons.
It was always our plan to offer our customers a chance to participate in the IPO and we are thrilled to be giving them the opportunity to share in our next phase of growth, Savova said.
Our rapid growth to date has been fuelled by customers being attracted to our leading combination of proprietary technology and customer service, and our commitment to putting our customers first, she said.
Our mass market appeal, combined with the increasing transition to digital and the ever greater need for financial well-being, leaves PensionBee well positioned, Savova said.
Pensionbee will be admitted to the high growth segment of the London Stock Exchange’s main market, which requires a market cap at listing of £300m or more.
According to the firm, there are 40.8m non-workplace and dormant workplace pension pots, held by around 20m people – a third of the UK population.
Mark Wood, chairman of PensionBee, said: This is a key milestone for PensionBee. Transparency and strong corporate governance are key aspects of an IPO and are core to our strategy of becoming the best universal online pension provider.
He said: I see significant market opportunities ahead for PensionBee – with a clear acceleration of the structural shift to online services, PensionBee is well-positioned to execute against its growth ambitions while continuing to fight for the consumer.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.