Harwood Wealth Management opened at a premium today on AIM.
The UK-based vertically integrated financial planning and discretionary wealth management group had its first day of dealings today and kicked-off at 87.5p, a premium over the opening price of 81p.
N+1 Singer, which is nominated adviser and sole broker to Harwood, raised £13.5 million (before expenses) in an over-subscribed fundraising. Some £10.0 million was raised as new equity for the Company. Net proceeds will be used mainly to provide funds for further acquisitions together with some associated infrastructure costs.
Founder and Joint CEO of Harwood Neil Dunkley said: “The Board is delighted to have successfully completed the IPO and raised funds to facilitate the next stage of the Company’s development through further acquisitions. The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation. We look forward to providing our new shareholders with further updates as we achieve further growth.”
