London-based restructuring and insolvency firm FRP Advisory has raised £80m after floating on the Alternative Investments Market (AIM), according to its statement to market.
Based on the placing price, the market capitalisation of the company will be £190m on admission. As part of the float, the firm’s top partners including chief executive Geoff Rowley will sell £60m of shares.
The partners will retain 50 percent of the firm. Fund managers Premier Miton and Liontrust are buying some of the shares, while Cenkos Securities is leading the float, which starts trading next month.
Rowley, chief executive of FRP Advisory, said: "The IPO represents an important next step in our development, which will further enhance our profile and ongoing growth. There are a range of exciting growth opportunities as we continue to grow our office footprint and attract new talent.”