Amicorp’s fund services arm will float in London and eyes £100m valuation in boost to the City
Amicorp’s fund services arm will float on the London Stock Exchange this week with plans to raise $6.47m (£5.21m) in new ordinary shares and scale up its IT operations.
The Hong Kong-based global management services group said the official price of the IPO will be revealed following a book building process – with the group set to reveal more details about the float and admission to the market later today.
According to the Telegraph, it is set to raise £13m by listing and is eyeing a valuation of £100m.
“London retains its status as the world’s leading market for the financial services sector and we believe a listing here will give us the best chance of executing our plan to consolidate the fragmented fund services market,” Kin Lai, chief executive officer of AMIF, said.
It comes as a welcomed boost to the London Stock Exchange, which has seen a number of major players exit the FTSE 100 for international markets such as New York.
In March, building materials giant CRH revealed plans to move to the US market after it told investors that that around three-quarters of its earnings came from North America.
It followed reports that betting giant Flutter was eyeing a US share listing and Cambridge tech giant ARM was looking at a US listing in favour of London.