UK Law Firm Knights First to Jump Into AIM Top 50 Ranking
The rise helps Knights secure its position as the UK's second largest listed law firm.
February 19, 2020 at 05:58 AM
2 minute read
Knights has become the first law firm to accede to the FTSE AIM 50—the top companies in the U.K.'s secondary market—joining the likes of online clothing giant ASOS and digital estate agent Purplebricks.
According to a London Stock Exchange release, Knights has grown by more than £262 million since it floated on the AIM in June 2018, with a current share price of 499p (a 244% uplift) against a market capitalisation of £365.9 million.
In effect from February 21, the move positions it among the AIM's top 50 companies, and helps secure its place as the U.K.'s second largest listed law firm, placing it behind DWF which floated on the main market in March 2019.
DWF stock has risen 10% since the end of January, representing market cap growth of around £82 million (to £447.9 million) since it floated.
Gateley, which was the first law firm to float on the stock market in 2017, is the third largest law firm plc, with a £239 million market cap, with Keystone Law (£190.7 million) and Rosenblatt (£81.3 million) in fourth and fifth position respectively.
However, with diverging fortunes, Ince Gordon Dadds – whose parent company listed in 2017 – is currently sitting on a 44.5p share price against a £30.5 million market cap—a significantly deflated figure compared to its standing late last year.
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