Key Takeaways
- • MHA, a UK-based accountancy firm and Baker Tilly network member, listed on London's AIM market on 16 April 2025 at a £271m ($360.06m) valuation, raising £98m through institutional placing and retail offer.
- • The IPO proceeds will fund AI and advanced technology investments, repay Loan Notes to 19 Retiree Capital Partners, and support bolt-on acquisitions as the firm pursues organic and inorganic growth.
- • MHA achieved a 36.1% free float upon admission, with Cavendish Capital Markets serving as nominated adviser, bookrunner, and broker; CEO Rakesh Shaunak emphasized the listing enables equity participation for future partners and leaders.
- • Post-listing share performance has been positive, with the stock trading at 135.50p on 14 April—a 33% gain from the offer price—demonstrating institutional and retail confidence despite the £98m raise falling short of an initial £350m target.
- • The firm operates across seven UK offices with over 400 staff, providing audit, assurance, tax, accountancy, and advisory services; the listing marks one of the largest AIM IPOs for the professional services sector.
Summary
MHA, a UK accountancy firm and member of the Baker Tilly global network, commenced trading on London's AIM market on 16 April 2025 with a market capitalization of £271m ($360.06m). The institutional placing and retail offer raised £98m in gross proceeds, representing 271,211,764 ordinary shares in issue and establishing a free float of approximately 36.1% upon admission. The listing follows the firm's stated intention announced in March 2025 to pursue an AIM flotation as the most "sustainable route" for long-term client and stakeholder benefit.
The capital deployment strategy reflects MHA's dual focus on technology modernization and strategic growth. Net proceeds will be allocated toward advanced technology infrastructure, with particular emphasis on artificial intelligence applications designed to enhance data collection and analysis capabilities. The firm will also use capital to repay Loan Notes held by 19 Retiree Capital Partners and certain continuing partners, thereby releasing capital for reinvestment. Additionally, MHA has explicitly identified bolt-on acquisition opportunities as a priority use of proceeds, signaling an active M&A strategy within the professional services sector.
CEO Rakesh Shaunak highlighted the strategic benefits of the IPO structure, stating that the listing enables meaningful equity participation across the organization through an employee benefit trust and permits equity incentives for future partners and leaders. This approach is designed to enhance recruitment and retention of senior talent while preserving partner control through Board governance structures. Cavendish Capital Markets served as nominated adviser, bookrunner, and broker to the transaction.
Market reception has been constructive. The shares opened with modest volatility but subsequently appreciated 33% to trade at 135.50p by 14 April, suggesting strong institutional and retail demand despite the £98m raise falling materially short of an initial £350m target. MHA operates across seven UK offices—Preston, Liverpool, Manchester, Blackpool, Kendal, Lancaster, and Nottingham—employing over 400 staff and providing comprehensive professional services including audit, assurance, tax, accountancy, and advisory services. The listing represents a significant capital event for the professional services sector on AIM.
The capital deployment strategy reflects MHA's dual focus on technology modernization and strategic growth. Net proceeds will be allocated toward advanced technology infrastructure, with particular emphasis on artificial intelligence applications designed to enhance data collection and analysis capabilities. The firm will also use capital to repay Loan Notes held by 19 Retiree Capital Partners and certain continuing partners, thereby releasing capital for reinvestment. Additionally, MHA has explicitly identified bolt-on acquisition opportunities as a priority use of proceeds, signaling an active M&A strategy within the professional services sector.
CEO Rakesh Shaunak highlighted the strategic benefits of the IPO structure, stating that the listing enables meaningful equity participation across the organization through an employee benefit trust and permits equity incentives for future partners and leaders. This approach is designed to enhance recruitment and retention of senior talent while preserving partner control through Board governance structures. Cavendish Capital Markets served as nominated adviser, bookrunner, and broker to the transaction.
Market reception has been constructive. The shares opened with modest volatility but subsequently appreciated 33% to trade at 135.50p by 14 April, suggesting strong institutional and retail demand despite the £98m raise falling materially short of an initial £350m target. MHA operates across seven UK offices—Preston, Liverpool, Manchester, Blackpool, Kendal, Lancaster, and Nottingham—employing over 400 staff and providing comprehensive professional services including audit, assurance, tax, accountancy, and advisory services. The listing represents a significant capital event for the professional services sector on AIM.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.