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Pension Bee prices IPO; EY confirms flotation boom

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4.45pm: Chancellor summoned on Greensill questions

Chancellor Rishi Sunak has been asked to explain to parliament tomorrow why he granted Greensill Capital access to a COVID loan scheme after David Cameron lobbied him.

Full story here

4.30pm: Market opens week on low note

Investors showed little enthusiasm for the reopening of a chunk of the economy in England, Wales and Northern Ireland. The FTSE 100 index lost 26.63 points, or 0.4%, to close at 6,889.12, while even the more domestically-focused FTSE 250 ended the session 97.71 points, or 0.4%, lower.

High street retailers were generally down as investors had bought shares in the firms in advance of today’s easing of lockdown.

B&Q owner Kingfisher fell 2.7%, Associated British Foods – which owns Primark – was down 0.9% and JD Sports was down 0.4%.

Pub groups also saw sellers getting on top. JD Wetherspoon and Mitchells & Butlers lost 1.9% and 1.4% respectively.


9am: FTSE 100 slips

The FTSE 100 slipped at the start of the new session, following falls elsewhere. The index was down 48 points 6,867.64.


7am: Pension Bee IPO

Pension Bee has priced its forthcoming IPO in a range between 155p to 175p per share, valuing the company at between £346 million and £384m.

The company intends to raise gross proceeds of £55 million to support growth, by funding future investment in PensionBee’s advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes.  

Conditional trading of its shares will begin on 21 April and unconditional trading, when retail investors can buy and sell, on 26 April.

The IPO document reveals that from 2018 to 2020 PensionBee’s revenue leapt from £1.4m to £6.2m, while its net losses surged from £3.1m to £13.2m,.


7am: Heathrow

Heathrow Airport passenger numbers fell by 82.6% YoY in March. Cargo volumes are down 25.7% on an annual basis.

However, cargo movements have increased by 21.4% compared with March 2020.


IPO values up

Data from EY has confirmed that UK listings experienced their best start to the year since before the financial crash.

More funds were raised in the opening quarter of 2021 than in any other opening quarter since 2007, and the most raised in a single quarter since 2014, according to the latest EY IPO Eye.

This confirms data released on Good Friday which noted that the first three months of this year also saw the highest number of floats since 2015, when 29 companies went public.

Both the main market and AIM have built on the resurgence of activity seen in the second half of 2020 with 12 IPOs raising £5.2bn on the main market and eight IPOs raising £441m on the Alternative Investment Market (AIM).

Among the debutants were Scottish firms AMTE Power and Parsley Box.


Overnight markets

Nagging inflation concerns and continued worries over the economic impact of the global pandemic is having a subdued affect on markets at the beginning of the week.

Alibaba’s shares in Hong Kong jumped despite the company being fined $2.8 billion by Chinese regulators following an anti-monopoly investigation.

The Hang Seng index in Hong Kong slipped 0.78% while the Shanghai Composite in China fell 0.71%.

In Japan, the Nikkei 225 declined 0.57% and South Korea’s Kospi dipped 0.02%.



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