Pensionbee valued at up to £384 million as 12k customers sign up for IPO

Pensionbee, the fintech whose app allows users to manage all their pensions in one place, has set a price range on its planned float that could give it a market cap of up to £384 million.

The company set an IPO range of 155p to 175p per share, implying an estimated market value of between £346 million and £384 million.

Pensionbee said it plans to raise £55 million through the sale of 35.5 million new shares to "support future growth".

The funds will be used to fuel "advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes".

Top management and staff own around 60% of the firm, whose largest external shareholder is US bank, State Street. Founders and directors, including CEO Romi Savova, 35, who launched the company in 2014 after a career in investment banking, will not be selling existing shares at IPO.

Pensionbee has opened up the float to retail investors through platform PrimaryBid, and said more than12,000 customers have already registered interest.