Insights

Panmure Gordon takes Keystone Law public

Panmure Gordon is pleased to have successfully closed the IPO for Keystone Law.

The £15 million fundraising was significantly oversubscribed,  evidence of the high demand generated by it and Panmure.

Keystone Law was admitted to the AIM market  on 27 November, and based on  a placing price of 160p per share, valuing the company on admission at £50m.

James Knight, Chief Executive Officer of Keystone Law Group plc, said:

“I am delighted to announce that Keystone 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.”

He also advised that Keystone Law was “impressed with the overall smooth process of ‘IPOing’ through Panmure and its depth of relationships with investors.”

Keystone Law is a full service networked law firm at the forefront of an ever-changing legal services industry. The IPO will enable the company to pay down shareholder debt, increase brand recognition and enhance growth prospects.

Key facts

  • £15m fundraising
  • £10m raised for the Company
    • £9.4m via a placing of new shares by Panmure Gordon
    • £0.6m via an issue of further new shares by the Company
  • £5m shares placed by Panmure Gordon on behalf of existing shareholders on IPO
  • Market cap on admission of £50m based on a placing price of 160p per share
  • Placing significantly oversubscribed
  • Admission to trading on 27 November 2017
  • Panmure Gordon acted as Financial Adviser, Nominated Adviser and Broker to the Company