Law firm DWF Group Ltd expects to raise primary gross proceeds of around £75mln when it launches an initial public offering on the London Stock Exchange's main market next month.
The company said it expects to announce the final offer price and publish its final prospectus following a marketing and book-building process, with admission currently expected in March 2019.
It also confirmed that would have a free float of at least 25%, and expects that it would be eligible for inclusion in FTSE UK indices.
The group said it will use the funds raised from the IPO to repay a portion of the members' capital contribution to DWF; to invest in operations and infrastructure including in additional IT systems and certain strategic initiative change programmes in support of its managed services work; to fund working capital for general corporate purposes as well as potential funding for future acquisitions; and to pay underwriting commissions and fees and other offer-related fees and expenses.
DWF provides a mixture of legal services across its Commercial Services, Insurance and International divisions, and also provides a range of professional, business or consulting services.
For the six months to October 31, DWF reported a 26% year-on-year jump in internal gross profit to £66.2, as net revenue increased by 18% to £133.4mln.
The company said it has engaged Stifel Nicolaus Europe and Jefferies International to act as joint global co-ordinators and Zeus Capital to act as lead manager for the IPO.