LONDON, UK: Peel Hunt, a leading UK mid and small-cap specialist investment bank, announced its intention to seek admission of its ordinary shares to trading on AIM, a market of the London Stock Exchange.
The Group is a leading provider of investment banking services to mid and small-cap companies in the UK, with a consistent track record of investment and growth across its business since establishment in 1989.
Its operations are supported by differentiated proprietary technology and each of its three divisions, Investment Banking, Research & Distribution and Execution & Trading, is a leading participant in its respective markets.
As at 31 August 2021, the Group had 157 corporate clients with an average market capitalisation of approximately £775 million. Its award-winning research is provided to over 1,200 institutions, with strong distribution coverage across the UK and US.
Peel Hunt also has a market leading trading platform that makes markets in over 10,000 instruments in 38 markets and is an increasingly important provider of trade execution services to the UK retail platforms and brokers. In the financial year ended 31 March 2021 (FY21) 47 per cent of all retail trade value in the UK was dealt on its trading platform, up from 19 per cent in FY17.
In FY21 Peel Hunt continued its strong performance momentum, generating revenues of £196.8 million, up from £95.5 million in the previous year. The Group is well placed to continue increasing its market share and benefit from product and geographical expansion and structural changes in retail investment markets.
Peel Hunt is now seeking admission to AIM to support the next phase of its growth. This includes accelerating growth in all its businesses, establishing a European presence, continuing its investment in its differentiated proprietary technology to drive efficiencies, new products and services, and to fund future increases in regulatory and working capital.
Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares, the Company will be conducting an intermediaries offer which will be facilitated by Peel Hunt LLP through the provision of the Peel Hunt Retail Capital Markets ‘REX’ technology portal as well as an employee offer for eligible staff members.
The Intermediaries Offer and Employee Offer, together, are limited to €8 million.
Steven Fine, Chief Executive Officer of Peel Hunt, commented: “We’re delighted to announce our intention to admit to trading on AIM. Having expanded significantly over the last ten years, Peel Hunt is now well established as a leading UK mid and small-cap focused investment bank. The IPO represents an important milestone in our journey and allows us to accelerate our growth plans, building on the strong momentum in our business.
We are also pleased to welcome Lucinda Riches to the Board. With an extensive career in investment banking and as a Non-executive Director on listed company boards, Lucinda’s skills and experience will be invaluable to us as we move forward. Simon has played a key role in the overall management and leadership of Peel Hunt, and I’d like to thank him for his substantial contribution.”
Lucinda Riches, Non-executive Director, said: “I am excited to be joining the Peel Hunt Board at this important juncture for the Company. Peel Hunt is a high-quality diversified investment banking business, with a well-known and highly respected brand across the capital markets. I look forward to working with Steven, the Peel Hunt team and the Board as the Company continues to go from strength to strength in this latest growth chapter.”
Simon Hayes, Chair of Peel Hunt, said: “It has been a privilege to chair Peel Hunt for the past five years and play a part in the Company’s success over many more years before. The Group has seen significant growth as a private company and now is the right time for it to return to the public markets, with many exciting opportunities ahead. I am delighted that Lucinda will be succeeding me as Chair and look forward to working with her during a period of transition through to the AGM next year.”