£30m to be raised by Gateley IPO
LAW firm Gateley, which will become the first law firm to be listed on the stock exchange when it joins the Alternative Investment Market next week, will have a market capitalisation of £100m.
Some £30m will be raised by the flotation.
On June 8, Gateley will admit 105.2m ordinary shares of ten pence each at a price of 95p each. The offer represents a 30% stake in the firm.
Chief executive officer Mike Ward, who currently owns 4.29% of Gateley’s shares will have 3.12% of the company’ enlarged share capital after flotation.
The same percentage of shares will be held by non-executive chairman Peter Davies, Brendan McGeever and Paul Hayward.
Gateley has more than 380 fee earners including more than 340 solicitors and employs a total of more than 600 people including administration and support staff across six UK offices in Birmingham, Leeds, Leicester, London, Manchester and Nottingham as well as an office in Dubai.
The existing LLP business has 100 partners in its English offices.
Shortly after the firm’s intention to float was made public in mid-May, Ward told TheBusinessDesk.com that a stock market listing would help to fulfil its growth plans.
Nick Smith, who heads up Gateley’s corporate team in London, said the move was driven by market forces.
“Clearly there is not one legal market any longer. There are global firms at one end and High Street firms at the other and mid-market firms in the middle,” he said.
“It is about innovating to remain relevant.”
