Gateley has announced that its initial public offering, the first ever by a UK law firm, will go ahead on 8 June at 95p per share.

The firm confirmed its intention to float on London's AIM market earlier this month (13 May).

An announcement filed at the stock exchange yesterday evening (27 May) said the issue price of the shares will be 95p but did not yet confirm how many shares will be issued.

After the float the firm's board will comprise current senior partner Michael Ward, who will take up the position of chief executive, finance director Neil Smith and operations board chair Peter Davies, who will become chief operating officer.

Former Sportingbet chief executive Nigel Payne will join as non-executive chairman of the board, while former Eversheds partner Michael Seabrook will become a non-executive director along with Joanne Lake, a non-executive director at AIM-quoted wealth management group Mattioli Woods.

The filing also reveals Ward and Davies both have a 4.29% share of the firm's equity. Banking partner and board member Brendan McGeever and London office head Paul Hayward also each have a 4.29% stake.

In addition, Birmingham partner Callum Nuttall holds a 3.87% stake, while corporate recovery head Mark Wilson and banking and finance chief Andrew Madden both have a 3.44% share.

Gateley has targeted the junior AIM market, instructing capital markets investment bank Cantor Fitzgerald as broker for the listing.

In its intention to float document Gateley said the listing would give the firm "greater opportunities to grow… both organically and by selective acquisition – including lateral hires of individuals or teams".

Gateley also said it could acquire "other legal firms that offer geographical expansion or specialist services" as well as "businesses offering complementary professional and other business services".