Wealth consultancy Alpha Financial has significantly upgraded its initial public offering targets following talks with potential buyers, lifting its expected valuation from £150 million to £163 million.
AFMC has over 250 consultants and contractors across nine major cities (London, Edinburgh, New York, Boston, Paris, Geneva, The Hague, Luxembourg and Singapore).
According to a stock exchange announcement, it has provided services to more than 200 clients, including 17 of the 20 largest global asset managers by assets under management.
The business plans to raise gross proceeds of £125 million at a price of 160p per share in what has been a fast turnaround for former private equity owner Dunedin, which acquired it last year.
Dunedin will bank just under £90 million from the sale, with a further £35 million used to pay down AFMC debt. Management of the business will retain a 23% stake. The business is expected to list on AIM on October 11.
‘Today’s announcement marks a very exciting new phase of Alpha’s journey as a leading consultancy to the asset and wealth management industry,’ said chief executive Euan Fraser.
‘We are absolutely delighted at the strong response to the placing and the recognition from investors of the significant opportunities we have for continued global growth.’