Law firm confirms flotation plans

Andrew Leaitherland, managing partner, DWF

Law firm DWF has confirmed it is to float on the stock market next month.

The flotation is the sixth by a UK law firm after Birmingham-based Gateley led the way in 2015 and will be the largest to date.

The move comes just eight months after law firm Knights set a new record for a law firm’s IPO, which valued the firm at more than £100m.

DWF expects to raise £75m from a free float of at least 25% of the company’s share capital, which would value the firm at around £400m.

The money will be used repay a portion of the members’ capital contribution and to invest in operations and infrastructure including in additional IT systems and strategic initiative change programmes. There will also be working capital for general corporate purposes as well as potential funding for future acquisitions.

The firm has been working with US investment bank Stifel on the float since October 2017.

DWF last week its revenue for the six months to 31 October 2018 was up 18% to £133.4m, with 14% of that said to be organic growth.

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