DWF to spend “up to £10m” on IT systems post-float
Following the announcement on 8 February 2019 of its intention to proceed with an initial public offering DWF Group Limited today (11 March) announces the successful pricing of its shares, which will see it invest up to £10 million will be invested in additional IT systems, including a portion of that to contribute to the development of the group’s global platform for managed services.
The float will give it a market capitalisation of around £366 million as it becomes the first law firm to list on the Main Market of the stock exchange.
Partners of the firm will hold a majority of the shares and shareholders are subject to a lockup, which will see them able to sell 20% of their shares after DWF’s results are announced next year, and a further 20% for the following four years.
Andrew Leaitherland, CEO, said: “We are delighted today to be announcing our successful IPO as DWF becomes the first Main Market Premium Listed legal business. DWF and its partner group see this as the start of the next phase of DWF’s evolution and we are very pleased by the support shown by our new investors. We see substantial, long-term opportunity, to build on our strong track record and further develop and grow our Complex, Managed and Connected Services capabilities, while attracting and retaining the best talent, investing in technology and carrying out targeted M&A.
“This, coupled with our differentiating features including international reach and scale, our innovative business model and the range of services we provide to our clients, positions us to take advantage of the expanding global legal services market. I would also like to thank our dedicated and hardworking employees, who have been central to our success. The IPO is only the start and I am confident in DWF’s strong fundamentals and continued growth prospects as a listed company.”
Dealings have now opened in the shares.
Approximately £19 million will go towards repaying a portion of members’ capital contribution to DWF LLP.