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Transact valued at £650m as IPO details revealed

Wrap platform Transact has set the date for its long-awaited IPO and announced it would be selling shares to the market at 196p per share giving it a market capitalisation of £649.4 million.

Transact valued at £650m as IPO details revealed

Wrap platform Transact has set the date for its long-awaited initial public offering (IPO) and announced it would be selling shares at 196p per share giving it a market capitalisation of £649.4 million.

Last month the platform began the IPO process with the announcement it would be listing a quarter of its equity on the main market of the London Stock Exchange.

Today the company behind Transact, IntegraFin, has announced the listing will take place on 2 March with shares sold at 196p per share.

The company is going to sell just over 90 million existing shares, or 27% of its total equity, meaning the IPO will be worth £177.6 million.

However the company said the net amount received by the selling shareholders, after commissions to brokers and UK stamp duty and other taxes, will be £175 million.

Following the IPO Transact will be keeping 331 million shares. It is anticipated by the company the IPO will give Transact a market capitalisation of £649.4 million.

Ian Taylor (pictured), Transact chief executive, said: ‘We have been delighted with the response IntegraFin (Transact) has received from investors and welcome them to our business. It is 19 years since our foundation as the UK's first B2B platform company and the support we have received to date is a strong reflection of our successful growth since inception.’

Last month Taylor told New Model Adviser® the float is about rewarding those who invested in the business – many of which are advisers who have held shares for over 10 years – rather than raising new capital.

The float will not see Transact create new shares only existing shareholders sell their equity. News of the share sale price follows last month’s announcement of a £27 per share dividend.

The upcoming float of the platform also follows a report last week from Sky News that fellow platform AJ Bell was also gearing up for a public listing.

Specialist broker Peel Hunt will be acting as the broker for Transact.

 

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