PensionBee IPO: Fintech debuts on the London market at £365m valuation

Shares were priced at 165p, the mid-point of PensionBee’s range.

Pensions provider PensionBee arrived on the London Stock Exchange this morning with its shares priced at 165p, the mid-point of the 155-175p range that the fintech was aiming for.

That gave PensionBee a valuation of £365m on admission and, at the time of publication, shares were holding stable at that 165p mark.

"We are delighted with the strong support that we have received from institutional investors and our customers, who understand the importance of our vision, to simplify pensions so that everyone can look forward to a happy retirement,” said CEO Romi Savova on the float this morning.

“Our achievement is testament to our excellent track record and the strength of the opportunity that lies ahead for PensionBee.”

PensionBee is listed under the £PBEE ticker and is subject to conditional trading for the remainder of this week, limiting retail investors from getting involved.

The first hours of trading will be reassuring to other fintech IPO hopefuls, including Wise (formerly TransferWise) which is heavily reported to be in the final stages of preparing to list.

Deliveroo’s volatile listing last month which saw shares fall 26 per cent on admission, and have fallen a further 16 per cent since then, had set a dour tone for the first high-profile London tech IPO of 2021.

“Being a publicly-traded company will enable us to further develop our customer-focused proposition and to extend our reach to millions of consumers across the UK, whilst continuing to use our voice to make positive changes in the pensions industry,” added Savova, who thanked PensionBee’s team, customers and new shareholders for their support.

PensionBee will begin unconditional trading on Monday 26 April, at which time the fintech will also be admitted to the High Growth Segment of the London Stock Exchange main market.