Hargreaves Lansdown has this morning confirmed it will float on the London Stock Exchange next month.
According to the statement issued, the initial offer period (IPO) should be completed by mid May 2007m and will see around 25% of shares being sold by existing shareholders – including its founders Peter Hargreaves and Stephen Lansdown – while the remainder will be allocated to certain UK-based staff and institutional investors.
Executive directors and senior managers are expected to retain “a significant shareholding” in the firm post-flotation and will then be able to sell up to 25% of their holding each anniversary of flotation until 2011, having committed to hold onto stocks for four years.
The investment adviser and execution-only distribution service earned around 67% of its revenue through recurring streams in the six months to Dec 31st, 2006.
Its flagship Vantage service - the direct-to-investor fund supermarket and wrap platform - currently has assets under management of around £7.4bn while the group also manages £1.1bn through its discretionary portfolio management service PMS as well as its multi-manager range which has around £400m in Vantage.
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£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards