MHA plc Debuts on London AIM Market with 271M Valuation
Deal News | Apr 15, 2025 | Stephenson Harwood LLP
Law firm Stephenson Harwood LLP acted as legal adviser to Cavendish Capital Markets Limited for MHA plc's successful initial public offering (IPO) on the AIM market of the London Stock Exchange. In the transaction, MHA plc raised gross proceeds of £98 million, achieving a market capitalization of approximately £271 million, marking one of the largest IPOs on AIM in the past five years. MHA is a professional services provider in accountancy, audit and assurance, tax, and advisory services, and is a member of Baker Tilly International. Ranked as the thirteenth largest firm in the UK by revenue, MHA plans to utilize the IPO proceeds to expand its service offerings and execute its growth strategy. The company aims to be among the top ten UK accountancy firms with annual revenues exceeding £500 million. The IPO represents a significant transition from partnership to a public company, according to Tom Nicholls, Head of Stephenson Harwood's Corporate practice.
Sectors
- Professional Services
- Financial Services
- Legal Services
Geography
- United Kingdom – Both MHA plc and Stephenson Harwood LLP are based in the UK, and the IPO took place on the London AIM market.
Industry
- Professional Services – MHA plc operates within the professional services industry, offering accountancy, audit, tax, and advisory services.
- Financial Services – The IPO and associated activities involve investment banking and capital markets activities, provided by Cavendish as the adviser, bookrunner, and broker.
- Legal Services – Stephenson Harwood LLP, a law firm, played a key role in the IPO process as the legal adviser for Cavendish.
Financials
- 98 million – Gross proceeds raised by MHA plc during its IPO.
- 271 million – Approximate market capitalization of MHA plc upon admission to the AIM market.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MHA plc | Target Company | Company | A professional services provider in accountancy, audit and assurance, tax, and advisory services, and the target company in the IPO. |
| Cavendish Capital Markets Limited | Nominated Adviser, Bookrunner, and Broker | Company | Served as the nominated adviser, bookrunner, and broker for MHA plc's IPO. |
| Stephenson Harwood LLP | Legal Adviser | Company | Provided legal advice to Cavendish Capital Markets Limited for MHA plc's IPO. |
| Tom Nicholls | Partner and Head of Corporate Practice | Person | Led the Stephenson Harwood LLP team in advising for MHA plc's IPO. |