AJ Bell shares rise 35% on stockmarket debut
By 3pm on Friday, shares were trading at 219.2p, some 35.3% higher than its IPO price of 160p.
AJ Bell’s IPO share price valued the company at £651 million.
‘The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth, which I’m massively excited about leading the business through,’ said chief executive Andy Bell.
AJ Bell’s customers accounted for 20% of the shares that were purchased at IPO and the company said the offer was heavily over-subscribed.
“All successful applications received a minimum of 527 shares priced at 160 pence per share,” the company explained in a stock exchange announcement.
The success of the IPO stands in contrast to yesterday’s trading session, which saw the FTSE fall by 3.2% after hitting a two-year low.