Keystone Law is set to become the third UK law firm to list on the London Stock Exchange after announcing its intention to float.
The firm said in a statement that it planned to join London’s Alternative Investment Market (AIM) later this month, with the new trading entity to be known as Keystone Law Group plc.
The firm said shares will begin trading on 27 November, with Keystone hoping to raise £15m in total, based on a placing price of 160 pence per share that values Keystone at £50m.
Keystone founder James Knight, who will become chief executive of the listed company, said: “The entire team has worked hard to establish our position as one of the leading UK mid-market challenger law firms. Our decision to list on the London Stock Exchange will provide us with the most resilient and stable platform to support our ambitious growth plans long into the future.
“The UK legal services market is the second largest in the world and we believe the Keystone model is well placed to take advantage of this significant opportunity. ”
Squire Patton Boggs corporate partner Adam Hastings is serving as legal adviser to Keystone Law on the IPO.
Keystone Law Keystone Law, which was established in 2002 and converted into an Alternative Business Structure in 2013, has its roots as a virtual law firm, with its lawyers using technology to work from their own offices or homes before opening a string of offices across the UK as well as the Channel Islands and Australia.
In 2014 private equity firm Root Capital injected £3.15m into the business, with the firm subsequently achieving annual revenue growth of more than 20%. Turnover in 2016-17 stood at £26m.