Mortgage Advice Bureau valued at Â£80.8m
Derby-based Mortgage Advice Bureau (MAB) has been valued at more than £80m on its admission to the London Stock Exchange's junior market.
The UK network for mortgage intermediaries set the placing price for each ordinary share of 160p giving a market capitalisation of £80.8m.
The placing of the 22.7 million shares represents 45 per cent of the company and is expected to raise gross proceeds of £36.3m for the selling shareholders.
Following the move, chief executive and largest shareholder Peter Brodnicki will own about 36 per cent of the company, with the remaining directors and members of senior management having 13 per cent.
Brodnicki said: "We are delighted that MAB has received such strong demand from investors, despite recent turbulent market conditions, recognising our position as a leading UK mortgage intermediary brand and network.
"Mortgage intermediaries play an important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased.
"Our admission to AIM will provide us with a strong platform from which to build on our success to date by taking advantage of this increased intermediary market share, with a view to attracting more high quality and strongly performing intermediary firms into our network and franchise propositions."
MAB, which revealed plans for the IPO last month, has more than 600 advisers and arranges approximately £8bn of mortgages a year, according to its website
Canaccord Genuity is acting as nominated adviser and broker to the company.