Rosenblatt aims to raise £43m in fourth UK law firm listing

City law firm Rosenblatt is hoping to raise £43m from its initial public offering (IPO), according to a new filing ahead of its AIM listing next week (8 May).

According to the stock exchange filing, the firm expects to raise the money based on the placing of 36,842,106 new ordinary shares and 8,421,053 existing ordinary shares at an issue price of 95p per share, giving the firm an anticipated market capitalisation of approximately £76m.

The target of £43m would make it the largest UK law firm IPO to date, following Gateley’s first move in 2015, which raised £30m. The other two IPOs, Gordon Dadds and Keystone, raised £20m and £15m respectively when they listed on AIM last year.

The filing also reveals that firm founder and senior partner Ian Rosenblatt will see his shares in the company more than halve from 59% to 21.1% after the listing. The other current significant shareholder, Cascades – an independent trust company – will retain a 14.4% holding in the company, down from 26.4%.

New shareholders include Milton Asset Management (15.8%), Fidelity Investments (6.6%), Blackrock (6%) and Canaccord Genuity Group (3.6%).

Rosenblatt, which focuses on litigation and contentious restructuring work, is a single-office London practice led by Rosenblatt, who founded the firm in 1989. According to its website, it has 19 partners. It is being advised by broker Cenkos Securities on the listing.

Recent high-profile work for Rosenblatt has included advising Northern & Shell on the £127m sale of its newspaper business to Trinity Mirror. The firm’s relationship with Northern & Shell’s owner, Richard Desmond, dates back to 1983, and in 2010 the firm also advised on the newspaper proprietor on his €125m purchase of Channel Five.