Cheshire-based financial advisory company Tatton Asset Management announced its intention to float on the Alternative Investment Market (AIM) of the London Stock Exchange.
Tatton said it conditionally raised £10 million from an institutional placing of 6,410,256 ordinary shares at 156p and £41.6 million for selling shareholders via an institutional placing of 26,679,075 ordinary shares at 156p.
“Admission is expected to occur at 8 a.m. on 6 July 2017 with a market capitalisation of £ 87.2 million,” said Tatton.
Founder and CEO of Tatton Asset Management plc Paul Hogarth said: “At the centre of our business philosophy has been always to champion the DA IFA sector and provide services that help support them and the needs of their retail clients.
“We believe that there is a continuing and vital requirement to offer a value for money, low cost service proposition for the mass affluent market place serviced by the IFA sector.
“As such, the group represents a new model asset manager that is exploiting such opportunities and challenging the existing off-platform, traditional incumbents whose discretionary fund management services have normally been reserved only for the very wealthy.
“The IPO of the Tatton Asset Management plc marks a very important and exciting milestone in the development of the group, allowing us to build our market profile further, reward our staff and other stakeholders, and provide access to the capital markets when needed in the future.
“I look forward to working with our new institutional shareholders in continuing to build our business further.”
Tatton said that following the placing, 63.5% of its ordinary shares will be owned by the public.