Wrap platform floats this week
Ferguson ready to reap rewards in Nucleus IPO
David Ferguson: ready for AIM (pic: Terry Murden)
Nucleus Financial founder David Ferguson and his wife Monique will together own a 2.4% stake worth £3.36 million when the wrap platform floats on the stock market this week.
The Edinburgh-based company, which has £14.3 billion of assets under management, is expected to be valued at £140m when it is expected to debut on the Alternative Investment Market on Thursday.
Shareholders, including advisers, employees and directors, are selling £32.1m worth of stock in the business.
Its biggest shareholder – South African financial services firm Sanlam – will own about half the group, with BlackRock Investment Management taking a 3.3% stake as one of several new institutional investors.
The IPO (initial public offering), which was confirmed earlier this month, will not raise new money but it will help simplify its ownership structure and provide it with access to the capital markets if required. The nominated adviser is Shore Capital.
Nucleus was launched in 2006 and has developed into one of Scotland’s key fintech businesses and Mr Ferguson holds key roles as a UK fintech ambassador and as chairman of FinTech Scotland.
Earlier this year it moved its head office from Thistle Street to newly-refurbished offices in Blenheim Place at the foot of Calton Hill.