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PensionBee eyes £350m London IPO

By Will McCurdy

Online pension consolidator PensionBee is planning an initial public offering (IPO) on the London Stock Exchange (LSE) at a potential valuation of £350m.

Over 8,000 customers have registered their interest in purchasing shares via retail investing platform PrimaryBid.

The news comes as fellow UK tech firm Deliveroo gears up for an £8.8 billion flotation.

Eight of the UK’s tech companies IPO’d on the London Stock Exchange (LSE) in 2020, raising a total of £3.1 billion, almost double when compared with 2018’s tech IPOs according to research by TechNation.

The firm, which currently boasts 130,000 customers and £1.5 billion of assets under administration, originally discussed IPO plans in November 2020.

PensionBee, founded in 2014, said it seeks to simplify pension savings in the UK, targeting a market of 40.8 million non-workplace and dormant workplace pension pots.

PensionBee estimated the average consumer has approximately two pension pots, and therefore there could be 20.4 million individuals within its target market.

Keefe, Bruyette & Woods are acting as sole adviser and co-ordinator for the IPO.

“It was always our plan to offer our customers a chance to participate in the IPO and we are thrilled to be giving them the opportunity to share in our next phase of growth," said co-founder and chief executive Romi Savova. “Our rapid growth to date has been fuelled by customers being attracted to our leading combination of proprietary technology and customer service, and our commitment to putting our customers first.

Mark Wood, chairman of PensionBee, said: “This is a key milestone for PensionBee. Transparency and strong corporate governance are key aspects of an IPO and are core to our strategy of becoming the best universal online pension provider.”

He added: “I see significant market opportunities ahead for PensionBee - with a clear acceleration of the structural shift to online services, PensionBee is well-positioned to execute against its growth ambitions while continuing to fight for the consumer."

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