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SimplyBiz once again eyes IPO with £150m plan

SimplyBiz once again eyes IPO with £150m plan

Support services provider SimplyBiz is once again considering an initial public offering (IPO), according to a Reuters report

Previous plans to float were shelved in May 2015 after the company decided to retain its independence. At the time SimplyBiz managing director Neil Stevens told New Model Adviser® retaining independence was important for the business, although he did not rule out a float in the future. 

'Specifically as regards to an IPO, whilst we have not ruled it out completely at some time in the future we certainly would not anticipate such an event for at least a couple of years and probably longer,' he said.

Reuters reports that SimplyBiz has appointed stockbroker Zeus Capital to advise on the potential float. Sources said SimplyBiz was looking for a market capitalisation between £140 million and £155 million, with £30 million of new money raised. 

A spokeswoman for SimplyBiz said the company 'regularly reviews its strategic options in terms of financing and has recently appointed Zeus Capital as an adviser to the business'.

Currently SimplyBiz chairman Ken Davy (pictured) is the largest shareholder in the company, with 60% of shares. 

If SimplyBiz does float it would follow fellow support services provider Paradigm, which last year listed as part of discretionary fund manager Tatton

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