MAB IPO raises £36m
Following the commencement of the offering Peter Brodnicki, chief executive of MAB, said he was delighted by the response from investors.
He said: “We are delighted to announce our successful float on AIM, which has received strong demand from investors despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.
“The share price has been set at 160p per ordinary share, which represents a market capitalisation for MAB of circa £80m.”
Conditional dealings commenced on the London Stock Exchange at 8am today, with admission and unconditional dealings expected to take place on Friday 14 November.
Brodnicki added: “Our admission to AIM will provide us with a strong platform from which to build on our success to date, by supporting the growth of our Network and Franchise partners, and with a view to attracting more high quality and strongly performing intermediary firms into our two propositions.
“Mortgage intermediaries play a very important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased and I expect it to increase further.”