Law firm DWF, the UK’s first main market law firm, has re-registered as a public limited company, changing its name from DWF Group Limited to DWF Group plc, with its shares beginning trading tomorrow.
The company, with offices in Edinburgh and Glasgow, raised £95 million in an initial public offering on the London Stock Exchange Main Market this week, higher than previously envisaged.
DWF has issued 61.5 million new shares, and selling shareholders 16.6 million existing shares, at 122 pence each. The shares represent 26% of its total stock.
DWF announced plans to go public early in February, saying at the time it aimed to raise around £75 million.
Based on the 122p price, its market capitalisation is around £366 million.
“We are delighted 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,” said chief executive Andrew Leaitherland.
Conditional trading of the shares started on Monday with unconditional deals beginning on Friday.