PensionBee Group confirms plans to list in London via IPO


Online pensions provider PensionBee Group Ltd confirmed its plans to list in London via an initial public offering (IPO).

The final offer price will be determined following a book-building process, with admission to the main market of the London Stock Exchange expected to occur next month.

“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 chief executive Romi Savova.

“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,” she added.

The offer will comprise of new shares to be issued by the company (raising gross proceeds of about £55mln) and existing shares to be sold by certain existing small minority shareholders of up to £5mln. None of the company’s founders, directors or members of senior management plan to sell any existing shares.

Over 9,000 eligible customers have registered so far for the offering, up from 8,000 that had expressed an interest according to a PensionBee announcement last week.

It has engaged Keefe, Bruyette & Woods (acting through Stifel Nicolaus Europe Ltd) to act as key adviser and sole global coordinator, in connection with the IPO.

PensionBee, established in 2014, had about 130,000 active customers and £1.5bn of assets under administration as of the end of February 2021.


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