International specialist fund services group Amicorp FS (UK) has announced its intention to launch an initial public offering in London.
In a regulatory filing today (5 June), the company said it is seeking admission for its ordinary shares to be admitted to the official list of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities.
Amicorp is proposing the placing of new ordinary shares to raise up to $6.5m and the placing of existing ordinary shares to raise up to $9.7m.
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The IPO offer price was not disclosed, as the company said it will be "determined following a book-building process".
Admission is expected to take place on 8 June 2023.
Amicorp said the IPO will enable the group to enhance its IT automation, expand its geographical reach and sales network as well as increase its service offerings.
The firm will continue to be supported by parent company Amicorp Group, which will retain an 85.7% stake after the listing, it added.
CEO Kin Lai said London "retains its status as the world's leading market for the financial services sector", adding that the firm believes a UK listing will provide "the best chance" of executing its plan to consolidate the "fragmented" fund services market.
"Becoming a listed company is a significant milestone for the group as it will advance our expansion plans and provide new investors with the opportunity to participate in our exciting growth story," he said.
"The IPO will also enable us to take full advantage of continued growth in the outsourcing of fund administration services due to diversification within the asset management industry and increasing regulatory and compliance requirements."
Amicorp provides fund administration, director services, anti-money laundering, data protection, regulatory reporting and fiduciary services for hedge funds, private equity and VC funds, institutional investors and family offices in LATAM, Europe and Asia.
