Fintech firm IntegraFin is London’s first float of the year

London's first stock market launch of the year was under way on Monday as a financial services firm set up above an Italian restaurant in Shoreditch nearly 20 years ago unveiled an estimated £500 million float.

IntegraFin is behind the Transact software platform which offers online support to more than 5,000 financial advisers and 150,000 clients, providing services such as trading and tax wrappers.

The firm — whose typical customer has a £285,000 portfolio — has £29.7 billion of funds under direction after inflows of more than £5 billion last year. It posted pre-tax profits of £37 million last year and has been working on the IPO plans for a year.

Former chairman Mike Howard, who launched the company above the Firehouse restaurant in Tabernacle Street back in 1999, should see his 21% stake valued at more than £100 million by the float.

The firm is raising no new money in the IPO, which lets some existing share- holders cash in part of their investment. Chief executive Ian Taylor said it is still growing: “There’s always more wealth being generated and more people wanting financial advice.”

Evercore and Peel Hunt are advisers to the debt-free company, which has 500 staff and has returned £85 million to shareholders since 2007.