Keystone Law has today announced its intention to go public by listing on the London Stock Exchange.
The mid-market challenger firm plans to join the Alternative Investment Market (AIM) where the new trading entity will be known as Keystone Law Group plc. Panmure Gordon (UK) Limited has been instructed by the firm to act as Financial Adviser, Nominated Adviser and Broker.
Shares will begin trading on the 27th November and will raise £15mn in total with the placing price of 160 pence per share which values the firm at £50mn.
Following its conversion to an Alternative Business Structure (ABS) in October 2013 and a £3.15 million cash injection from private equity firm Root Capital the following year, Keystone has seen significant revenue growth, continuously exceeding 20% per annum. The firm reported turnover figures of £26 million for the 2016/17 financial year.
James Knight, Founder of Keystone Law and Chief Executive Officer of Keystone Law Group Plc, said:
"I am delighted to announce that we will be joining the AIM market. The entire team has worked hard to establish our position as one of the leading UK mid-market challenger law firms. Our decision to list on the London Stock Exchange will provide us with the most resilient and stable platform to support our ambitious growth plans long into the future.
“The UK legal services market is the second largest in the world and we believe the Keystone model is well placed to take advantage of this significant opportunity. I look forward to continuing with our strategy of quality-centric growth, providing a superb standard of legal service to our many clients and delivering value for our shareholders. ”