The firm entered the market at 8am with a pricing of 170p per share, giving it a market capitalisation of £130m.
However, by 9am that price had dropped to 160p a share.
SimplyBiz is the parent firm of the SimplyBiz Mortgages network. Its group also includes brands such as SimplyBiz Services, Compliance First and Zest Technology Limited.
The firm currently supports over 3,400 directly authorised financial advisory firms in the UK.
Announcing the plan to float last month, joint chief executive Matt Timmins said the initial public offering would “mark the next stage in our growth story”.
According to its admission document, the SimplyBiz is floating to “enhance the profile of the business, assist in incentivising management and employees, to provide permanent capital from institutional investors, to enable the directors to take long term investment decisions and to provide Ken Davy, the group’s chairman and current majority owner, and the other selling shareholders the opportunity to sell down all or part of their respective holdings.”
The document also states that around £26.3m has been conditionally raised by the firm in order to pay down debt and fund potential acquisitions.
Some existing shareholders in the firm have entered into a lock-in deed, which stipulates they will not dispose of their shares during the first year following the listing.
A share incentive plan will be opened to the firm’s 444 employees, while senior management will participate in a management incentive plan.