Accountancy boss ‘excited’ as MHA floats on AIM with £271m market cap
Accounting and advisory firm MHA has launched on the AIM of the London Stock Exchange with a market cap of £271m.
The firm, which has offices in Birmingham, Leicester, Northampton and Nottingham raised £98m through an institutional placing and retail offer. The move is the largest AIM IPO in the business support services sector over the past five years.
Rakesh Shaunak, chief executive officer of MHA, said: “This is an exciting day for our firm, our people and we believe a welcome one for the London market. We have been delighted by the positive response we have had from investors and our clients since we announced our intention to float last month.”
“With the substantial amount of capital raised, MHA can make investments in technology in particular Artificial Intelligence as well as fund further acquisitions to become an even more attractive proposition to new recruits at both a senior and entry level. Control of our strategic destiny will very much remain in the hands of our Board and our partners.
“Going down the IPO route will also give our people a real stake in the future of our business via a significant employee benefit trust. And crucially, it would allow us to offer equity participation to future partners and leaders, ensuring they have a direct stake in the firm’s continued growth.”
Freeths ECM-specialist London corporate partner Jeremy Swift led on the flotation, with support from London head of corporate, Tom Rowley, and a multi-disciplinary team of 44 lawyers from across the firm’s 13 offices.
