Simplybiz lays out plans for £130m float

Simplybiz, a compliance firm helping financial advisers grapple with new regulation including Mifid II, has set out plans for a £130m float on London’s junior Aim market next month. The firm raised £30m from institutional investors ahead of the float on April 4 at a price of 170p per share, while existing shareholders, including founder Ken Davy, sold a £35m chunk of their stock at the same price. It made pre-tax profits of £5.5m last year on revenues of £44m.