DWF will begin trading on Friday

Law firm DWF has been valued at £366m as it begins trading on the London Stock Market from Friday.

The law firm has stated it will sell about 78 million shares at £1.22 each. This brings the size of the offering to £95.2m – around 26% of the company.

This will be comprised of around 61.5 million new shares being issued and 16.6 million existing shares sold by shareholders.

The offering is the largest initial public offering for a law firm in five years.

Chief executive Andrew Leaitherland said: “We are delighted today to be announcing our successful IPO as DWF becomes the first main market premium listed legal business.

“DWF and its partner group see this as the start of the next phase of DWF’s evolution and we are very pleased by the support shown by our new investors. We see substantial, long-term opportunity to build on our strong track record and further develop and grow.

“The IPO is only the start and I am confident in DWF’s strong fundamentals and continued growth prospects as a listed company.”

The firm has stated it plans to use £19m of the proceeds to repay some of members’ capital contribution to DWF.

Up to £10m will also be invested in additional IT systems, with the rest to be spent on acquisitions and for general purposes.