PensionBee eyes April IPO with plans to raise £55m
The pension provider added around £100k in AUA during the first two months of 2021.
The document also reveals that PensionBee aims to raise £55m as part of the process, with new shares comprising the majority of the raise and existing minority shareholders selling £5m worth of shares.
"Becoming a publicly-traded company has long been part of our strategy to be the best universal online pension provider and I am delighted to confirm PensionBee's intention to float,” said CEO and co-founder Romi Savova as part of the filing.
“There is a significant growth opportunity for PensionBee, as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs and the increased duration of working life.”
Savova also confirmed that PensionBee’s assets under administration have now reached £1.5bn across 130,000 active customers (as of 28 February), up from £1.4bn at the end of 2020 when it made just £6.3m in revenues.
All eyes will be on the London market reaction to Deliveroo’s IPO today, which opened under conditional trading down some 30 per cent and at the bottom of its original price range.
While hardly a like-for-like comparison, the listing will be a key barometer for whether the London market is ready to support high-growth lossmaking companies.