DWF Floats For £95m But Misses Value Target
The float had been expected to value the business at between £400 and £600 million
March 11, 2019 at 05:41 AM
2 minute read
DWF has raised just over £95 million following its listing on the London Stock Exchange this morning (11 March), but the IPO has not valued the business as highly as was expected.
The float had been expected to value the business at between £400 million and £600 million, but it has fallen short of that figure. The total market capitalistion is instead £366 million.
The firm said in a statement that it intends to use £19 million of the capital raised to repay members' capital, £10 million to invest in IT systems and the remainder to fund "general corporate purposes, including working capital and any future acquisitions".
Last month, the firm announced its confirmation to float and its successful listing means it joins the ranks of fellow listed firms Gateley, Knights, Gordon Dadds, Rosenblatt and Keystone Law.
DWF CEO Andrew Leaitherland said in a statement: "DWF and its partner group see this as the start of the next phase of DWF's evolution and we are very pleased by the support shown by our new investors. We see substantial, long-term opportunity to build on our strong track record and further develop and grow our complex, managed and connected services capabilities, while attracting and retaining the best talent, investing in technology and carrying out targeted M&A."
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