London firm Gordon Dadds has today become the second law firm to float on the London Stock Exchange in its own right in a bid to raise £20m.
The full-service practice is offering 14.2m shares at 140p per share, it announced today.
The company says the placing will raise the £20m required and be used for future acquisitions, future growth and debt repayment. In early trading the shares edged up to 146.5p.
The listing on the Alternative Investment Market comes after the Work Group conditionally offered to purchase the firm in a deal worth £18.8m last month.
Last month, the Gazette reported that the firm aimed to be established in the top 100 by the end of this year.
Since 2013, Gordon Dadds has spent £3.2m building a new back-office platform and has integrated 10 firms into the business, all trading under the firm’s brand.
In the financial year ending 31 March 2017, it posted around £25m in turnover and adjusted profit before tax of around £2m.
Adrian Biles, chief executive, said: ’Today represents an important milestone for the enlarged Gordon Dadds Group. The UK legal services sector is highly fragmented and Gordon Dadds’ proven consolidator model is uniquely positioned to take advantage of this significant market opportunity. We now have the necessary capital to support the group’s next stage of development which will enhance the group’s profile with clients and potential target firms.’
Gordon Dadds is the second firm to list on the stock exchange after Gateley in 2015.