London law firm Mishcon de Reya to explore IPO option
London law firm Mishcon de Reya has begun preparations for a flotation or stake sale valuing the firm at several hundred million pounds, according to Sky News.
Mishcon is looking to hire bankers in the coming months to explore its options, although any formal decisions about raising capital are yet to be made.
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However, the firm is contemplating a stock market listing in order to attract new investors, a source told Sky News.
Another option is that the company sells a stake to a private equity investor to diversify its professional services portfolio further.
The firm founded in 1937 in Brixton is one of the most prominent law firms in the capital.
A listing, which is unlikely to take place until next year, would see it join a growing group of peers tapping the London stock market.
Gateley floated in 2015 and was followed by Gordon Dadds, Keystone Law, Rosenblatt Solicitors, Knights Law and DWF.
Mishcon is among the top 30 law firms in the UK by revenue having made more than £160m for the first time last year.
It made profits of £1m per equity partner, slightly down on 2017.
The firm’s IPO valuation would depend upon the amount it would raise from the sale of news shares, but could rival DWF whose market value is £368m according to one analyst.
“Mishcon de Reya LLP has delivered significant growth over the past 15 years,” a spokesperson said.
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“As a financially robust and dynamic firm we have ambitious plans for the next phase of growth and to achieve this are considering all options for raising capital.
“No decisions have yet been made.”