Financial and administration services provider Equiniti has announced plans to float on the premium segment of the London Stock Exchange later this month. Management hopes to raise around £390m in gross proceeds, which will be utilised to pay down debt and boost investment in the group's proprietary technology platforms. The offer will also provide a pay day for the group's private equity owner, Advent International, which bought Equiniti in 2007. A market valuation of just under £1bn has been touted, including existing debt. Shares will be available to retail investors through a minimum subscription of £1,000 via Saga and Beaufort Securities, as well as the group's own Shareview and Selftrade platforms.
Equiniti has three core segments, the largest of which provides administration and payment services to private and public sector pension schemes. Equiniti is also the UK's largest share registrar by representative market capitalisation. That's hardly surprising when you consider that the group provides registration services for almost half the companies in the FTSE 100. Chief executive Guy Wakeley says this means the group "shares the fortunes" of the UK benchmark.
