DWF reveals stock market valuation
Law firm DWF has this morning announced the offer price of its upcoming flotation which values the business at approximately £366m.
It will raise £75m for the company while existing shareholders will earn £20.2m with nearly 26% of the company being owned by investors. The firm’s 300m shares will be priced at 122p per share.
It makes it the biggest flotation of any legal practice. The move comes just eight months after law firm Knights set a new record. The firm was valued at £103.5m and the flotation netted a £20m fortune for its founders and management team.
DWF chief executive Andrew Leaitherland said: “We are delighted today to be announcing our successful IPO as DWF becomes the first main market premium listed legal business.
“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.
“This, coupled with our differentiating features including international reach and scale, our innovative business model and the range of services we provide to our clients, positions us to take advantage of the expanding global legal services market.”
