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DWF set to raise £95m from stock market listing

11th 03 2019

International law firm DWF will become the largest legal practice to float on the London Stock Exchange as it begins trading this Friday.

The firm will also become the first main market listed business when it goes public.

Shares will be set at 122p per share, with the company valued at £366m. The offer will comprise around 61.5m new shares to be issued and 16.6m existing shares sold by shareholders, equating to 26% of the company worth around £95m. 

Members of DWF are expected to hold a majority of the shares after admission, subject to lock up arrangements.

The group intends to use £19m of the net proceeds to repay a portion of members’ capital contribution to DWF, up to £10m to invest in additional IT systems, and the remainder used for general purposes including working capital and potential future acquisitions. 

DWF will become the first main market listed legal business when it goes public on the London stock exchange. 

Chief executive Andrew Leaitherland said: 

‘DWF and its partner group see this as the start of the next phase of DWF’s evolution and we are very pleased by the support shown by our new investors.

‘We see substantial, long-term opportunity, to build on our strong track record and further develop and grow our complex, managed and connected services capabilities, while attracting and retaining the best talent, investing in technology and carrying out targeted M&A.’