Capital Markets Corporate

AJ Bell

How can we build your corporate profile and investment case whilst enhancing shareholder value to enable a successful IPO?

Challenge:

Instinctif Partners was appointed by AJ Bell, one the UK’s largest investment platforms, in February 2018 as financial communications adviser to its Initial Public Offering on the London Stock Exchange’s Main Market.

The IPO was slated for December 2018 and the extended time frame posed particular challenges in maintaining media interest during a process undertaken against a backdrop of highly volatile markets.

Our challenge was to build AJ Bell’s corporate profile and investment case in a coherent and managed way, whilst helping to enhance shareholder value, to enable a successful IPO and the Company’s transformation from private to public ownership.

Action:

Instinctif Partners advised on a financial communications and media strategy that would anticipate and address potential issues, deal with speculation around ownership and embed a business narrative that articulated the Company’s key strengths and investment case alongside an unusual IPO structure, including a retail offer, that would be built upon during the course of the year towards a successful listing. The strategy combined detailed preparation and planning and upon execution, Instinctif Partners utilised media exclusives, profile interviews, news stories, reactive statements, and background briefings across the UK business media.

Result:

The highly respected Tempus column of The Times described the AJ Bell IPO process as a “textbook float”. The shares were priced at 160p valuing the business at £650.5m. At the time of writing, the shares traded at 330p valuing the business at £1.34bn. In total, 677 pieces of media coverage were achieved from March to December 2018, which provided robust support to the IPO process and valuation, creating a clear understanding of the Company’s business model and investment case.

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