Retail investors who are looking to apply for AJ Bell shares under its planned IPO (open to advised and non-advised UK resident customers), will need to have opened an account with the company by 15 October 2018, the company says, as they are planning to float on the main market of the London Stock Exchange at the end of 2018/early 2019.
If the IPO goes ahead at the end of the year, customers would have needed to have cleared funds available in their AJ Bell account to cover the cost of shares being applied for, before the IPO application is made; the prospectus would be expected to be available on the AJ Bell website by the end of November 2018. The AJ Bell shares can be applied for through retail customers’ SIPP, ISA, Lifetime ISA or dealing accounts, with the company stating that the minimum value of shares which must be applied for in each account would have to be £1,000.
Andy Bell, Chief Executive of AJ Bell, would be reducing his own stake in the company to around 25%, selling 10% of his shares.
Mr Bell said following the decision to float the business, it would be keeping all aspects of the business intact, but added that AJ Bell’s third party white label business was not core to the company and he would be looking at opportunities for it in the future.
Mr.Bell stressed that, “We are definitely not looking to poach customers through launching the IPO.
“We want customers to come on to us if they’re interested in investing, open accounts and be long standing customers. We are expecting advisers to be neutral to the idea of their clients investing in the IPO.
“When we approached financial advisers initially with our idea, some were unsure of how it would work and a bit sketchy about the time frame. But we are confident that this is the right decision for the business.”
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Gunner & Co. work with IFAs looking to sell their business, and can give you more information if you wish – contact louise.jeffreys@gunnerandco.com
