The announcement that the share price has been set at 160p per ordinary share went out on the London Stock Exchange at 8 am this morning with conditional dealings commencing from that time.
Admission and unconditional dealings are expected to take place from Friday 14 November.
A number of institutional investors have bought shares already with holders of larger than 3% tranches of the shares listed on the London Stock Exchange a month after flotation.
MAB’s CEO Peter Brodnicki said this is a great endorsement for the role of the intermediary going forward.
“We are delighted to announce our successful float on AIM, which has received strong demand from investors despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.
He added: “Our admission to AIM will provide us with a strong platform from which to build on our success to date, by supporting the growth of our Network and Franchise partners, and with a view to attracting more high quality and strongly performing intermediary firms into our two propositions.
“Mortgage intermediaries play a very important role in the mortgage and protection advice process, and since the introduction of MMR the intermediary market share has increased and I expect it to increase further.
Peter Brodnicki and connected trusts own 53% of the shares, Nicola Birch, Peter Birch’s wife has 10.7%, with Peter Birch, ex-owners of Mortgage Talk are listed with 8.7%.
The other listed owners include company chief executive officer David Preece with 7.9% and finance director Paul Robinson (and connected trusts) with 6.3% and Michelle Draycott 4.0%.
Mortgage Advice Bureau (MAB) has over 110 Appointed Representatives (ARs) and 600 plus advisers. Many of the Appointed Representatives trade under the Mortgage Advice Bureau brand through a franchise model operated by the Group. MAB branded mortgage shops also form part of the franchise model.
To watch Mortgage Advice Bureau’s exclusive announcement of its intention to float on Mortgage Solutions on 27 October, click HERE.