Law firm DWF pulls trigger on stock market float
Law firm DWF has confirmed the launch of a stock market flotation, valuing the firm at £366 million.
The group said on Monday that it will raise £95.2 million through the initial public offering (IPO) which will see 26% of the company listed at 122p per share.
DWF’s partners will share in a multimillion-pound bonanza as a result, with around £19 million of the money raised going their way.
Chief executive Andrew Leaitherland said: “We are delighted today to be announcing our successful IPO as DWF becomes the first main market premium listed legal business.
“DWF and its partner group see this as the start of the next phase of DWF’s evolution and we are very pleased by the support shown by our new investors. We see substantial, long-term opportunity to build on our strong track record and further develop and grow.
“The IPO is only the start and I am confident in DWF’s strong fundamentals and continued growth prospects as a listed company.”
Up to £10 million of the IPO money will be invested in additional IT systems and the remainder used to fund general corporate purposes, including potential acquisitions.
Conditional dealings in the shares are expected to commence on Monday while unconditional dealings will begin on Friday.