Share price movements since IPO
UK listed law firms have experienced varying fortunes post-IPO. Keystone Law Group plc’s share price is currently trading c.120% higher than the list price, whereas The Ince Group plc entered administration in April 2023 and was subsequently acquired by Axiom DWFM.
Relative share price movements since IPO date for UK listed law firms
- Keystone Law Group plc, Gateley (Holdings) plc and Knights Group Holdings plc all experienced significant share price growth in the first two years post-IPO.
- Despite being engaged in an expansive acquisition spree, Knights Group Holdings plc issued profit warnings in March 2022 due to a greater than originally anticipated impact of Covid-19, which resulted in a significant adverse share price movement.
- RBG Holdings plc has experienced challenging trading conditions over the past year and has cut dividend levels accordingly. This, in combination with issues with board composition, led to a steady decline in share price across the period.
- DWF Group plc also experienced challenging trading conditions in the 12 months to 30 June 2023, which resulted in downward revisions to revenue, profit and dividend expectations. However, the share price recovered significantly post-30 June 2023 as it was reported that discussions were underway for the group to be taken private by Inflexion Private Equity Partners.
- The Ince Group plc entered into administration in April 2023 following challenging trading conditions and was taken private by national law firm Axiom DWFM for £2.2m in June 2023.
Source: CapitalIQ, IBIS World
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