Law firm announces successful £50m IPO

Law firm Knights, which is based in Derby, has announced its recently proposed IPO has been successful and that will it float on AIM on 29 June.

The firm, which also has offices in Chester and Wilmslow, raised around £50m with the IPO, which directors say will “accelerate its growth strategy, both through organic and acquisition led growth”. The move values the company at around £103.5m.

Shareholders Bal Johal, Karl Bamford, Joanne Beech and Mark Beech will received around £20m as part of the deal, while CEO David Beechretains a shareholding in the company of approximately 45.5%.

Beech said: “This IPO represents an exciting milestone in the growth of Knights. I am delighted there has been such a strong interest from leading institutional investors and I welcome all our new shareholders to the register. We believe that the admission to AIM will provide us with a platform to continue our rapid growth, attracting business organically and boosting our profile to secure acquisitions.

“We are looking forward to the future as a listed company which will help boost the Company’s profile, whilst also giving us the financial and operational flexibility to maintain our strong growth rate and pursue our development strategy to create further value for investors.”