Manchester, U.K-based online investment platform AJ Bell is reviewing investment bankers in preparation for a planned London IPO around the fourth quarter of 2018 at the earliest, Sky News reported, citing insiders.
The IPO will see AJ Bell valued at several hundred million pounds, the Feb. 21 report said. The company reported a pretax profit of £21.7 million for the year ended September 2017.
AJ Bell founder and CEO Andy Bell owns 28% of the company, which manages assets totaling about £40 billion. Invesco Perpetual is the biggest shareholder of the company, with a 37% stake, while Woodford Investment Management owns 8%, according to the report. A majority of the remaining shares is owned by the company's senior management team.