The UK arm of Baker Tilly International successfully raised £98 million through a placing aimed at both institutional and retail investors. Early trading saw the share price increase by 2.5% from its initial 100p offering price. The listing comprises 271,211,764 Ordinary Shares, with approximately 36.1% available as free float.

This IPO follows a period of strong growth for MHA, which saw revenues climb nearly 30% to £180m in 2024, doubling its turnover since 2020. The firm aims to become a top 10 UK accounting business, targeting over £500m in annualised revenue and potential European expansion.

MHA chose the IPO route over private equity to fund future bolt-on acquisitions, invest in technology and AI, and provide an exit mechanism for current and former partners.

Rakesh Shaunak, CEO of MHA, said: “This is an exciting day for our firm, our people and we believe a welcome one for the London market. We have been delighted by the positive response we have had from investors and our clients since we announced our intention to float last month.”

“With the substantial amount of capital raised, MHA can make investments in technology in particular Artificial Intelligence as well as fund further acquisitions to become an even more attractive proposition to new recruits at both a senior and entry level. Control of our strategic destiny will very much remain in the hands of our board and our partners.

“Going down the IPO route will also give our people a real stake in the future of our business via a significant employee benefit trust. And crucially, it would allow us to offer equity participation to future partners and leaders, ensuring they have a direct stake in the firm’s continued growth.”