National firm Irwin Mitchell is gearing up for a stock market float with hopes of securing a £500m valuation, according to national media reports over the weekend. Speculation around a potential listing has been rumbling for the past five years.
According to Sky News, Irwin Mitchell is working with investment bankers at Rothschild on plans for a potential initial public offering that could take place this year. City sources said that the practice hopes to be valued at £500m.
However, a spokesperson for Irwin Mitchell said no decisions have been taken to introduce external investment. ‘We remain in a strong position financially with our existing bank facilities offering us sufficient firepower to invest further in the growth and transformation of our business,’ the firm said.
A handful of law firms are currently listed in London, including DWF, Keystone Law, Gateley, Ince and Knights Group, though of these only DWF is on the main market. Mishcon de Reya hinted in 2019 that it was considering a listing.
The London market's appetite for new IPOs has been questioned following last month's disastrous flotation of food delivery app Deliveroo. The company blamed ‘volatile’ market conditions.