LONDON, UK: Amicorp FS (UK) Plc [AMIF], the international specialist fund services group, announced its intention to launch an initial public offering (IPO) and to seek admission for its Ordinary Shares to be admitted to the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities, a proposed placing of new ordinary shares to raise up to US$6.47 million and a placing of existing ordinary shares to raise up to US$9.70 million.

The offer price in respect of the IPO (the ‘Offer Price’) will be determined following a book-building process, with Admission currently expected to occur on 8 June 2023.  A prospectus, which has been prepared in relation to the IPO and Admission, is expected to be published later today.

AMIF has engaged Bowsprit Partners Limited (‘Bowsprit Partners’) as Financial Adviser and Lead Bookrunner, Locke Lord (UK) LLP as Solicitors and BDO LLP as Reporting Accountant and Auditors to the Company.

AMIF Highlights:

•      The Group is a business division of the Amicorp Group, which is a multinational organisation.

•    AMIF is a specialist provider of fund administration services, regulatory reporting, fiduciary services and multi-faceted business support alternatives for a broad mix of clients across private equity, venture capital, hedge funds, family offices and various asset classes locally or globally.

•      AMIF’s fund clients are mostly comprised of ‘start-up’ asset managers with initial AuM in the approximate range of US$10 million to US$20 million.

•      The Group is well placed to support these asset managers by leveraging its experience and expertise in applicable regulatory, financial, compliance, structuring, taxation and reporting requirements, taking advantage of the significant growth in alternative asset management which, among many factors, are expected to drive its organic growth.

•    It is intended that the IPO will enable the Group to scale up in terms of enhanced IT automation, expanding its geographical reach and sales network and increased service offerings.

•     Fund administration services are expected to continue to provide growth opportunities for the Group, owing to its strong link with the asset management industry which has grown significantly in the last five years.

•      AMIF’s revenues are comprised of either basis points on the AuM of the relevant fund or a minimum fee plus basis points on AuM. AMIF has a strong track-record of client retention, retention periods ranging between 5-10 years thereby generating predictable recurring revenues for a long period.

•     AMIF continues to benefit from the increasing trend in outsourcing owing to increased regulation, rising internal costs, advances in technology and growing demand for transparency from investors.

•      AMIF will continue to be supported post-IPO by Amicorp Group which has nearly three decades of experience in the fund administration space.  Over this period, Amicorp Group has developed significant industry experience and relationships which AMIF expects to be able to leverage to secure new business.

Kin Lai, Chief Executive Officer of AMIF, said: “We are delighted to announce AMIF’s intention to list on the Main Market of the London Stock Exchange.  London retains its status as the world’s leading market for the financial services sector and we believe a listing here will give us the best chance of executing our plan to consolidate the fragmented fund services market. Becoming a listed company is a significant milestone for the Group as it will advance our expansion plans and provide new investors with the opportunity to participate in our exciting growth story.  The IPO will also enable us to take full advantage of continued growth in the outsourcing of fund administration services due to diversification within the asset management industry and increasing regulatory and compliance requirements.”

Toine Knipping, Non-Executive Chairman of AMIF, added: “During the past 15 years, our talented management team have built a leading specialist fund services provider to the asset management industry.  AMIF is well positioned in its markets with a strongly diversified mix of customers, services and geographies that provide a ‘one-stop shop’ for clients, who often require reoccurring services.  AMIF has a clear strategy for growth with significant expansion opportunities amongst its current client base and an opportunity to tap into larger funds via its existing network.  The growth prospects are underpinned by a scalable operating platform that has seen significant recent investment.  We look forward to joining the London Stock Exchange and generating continued value for all our stakeholders.”

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