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Highlights
- UK based law firm Mishcon confirmed plans to float on the market in 2022.
- Mishcon is set to become the largest listed law firm, with a potential market valuation of £500 million.
- Mischcon was the firm that had represented Princess of Wales, Diana in her divorce from Prince Charles.
Partners at British law firm Mischon De Reya have voted to publicly list on the LSE, thereby confirming initial public offering (IPO) plans on Thursday.
The IPO plans were passed after a threshold of 75 per cent of voters agreed to the plans. Mischcon was the firm that had represented Princess of Wales, Diana in her divorce from Prince Charles.
Mischcon’s IPO plans
The law firm is expected to float on the market in the next year. However, the company has not confirmed the number of shares or listing price as yet. Every Mishcon staff member is set to become a shareholder according to the terms of the IPO listing.
The law firm had hinted at a possible IPO in April. The firm’s CEO, Kevin Gold, stated a public listing would enable the law company to invest in its core area, talent, technology, drive focus in Asia and more.
The company had reported its FY 2021 revenues at about £180 million. Also, the company is expected to become the largest listed law firm, having a tentative market cap of £500 million.
Related Article: Optima Health IPO: Occupational insurance firm to list on AIM in September
IPO trend in law companies
Currently, DWF Group PLC (LON:DWF) is the largest listed law company on the LSE, having a market cap of £367.65 million as of 10 September 2021. DWF is a constituent of the FTSE All-Share index.
Mishcon is not the only law firm currently planning an IPO. Another major UK based law firm, Irwin Mitchell, is also mulling floating on the market, according to law site Law.com.
Mishcon and Irwin Mitchel both are a part of the top 50 law firms in the UK, according to the site.
Some other UK based law firms which have gone down the IPO route include FTSE AIM All-Share constituents, The Ince Group PLC (LON:INCE), which was listed on the LSE in 2017, Keystone Law (LON:KEYS) also in 2017, Gateley Holdings (LON:GTLY) in 2015, and Knights Group Holdings (LON:KGH) in 2018.
Bottom Line
UK has seen a boom in IPO listing in the past 18 months, and with a potential change in listing rules, it is expected to attract further capital into the market. Thus, Mischon can stand to benefit by riding the IPO wave.
