Towry head of marketing Peter Foster says the wealth manager might not launch its IPO for another 18 months and has disputed an estimate valuing the firm at £500m.
Following a report in a national newspaper, Foster confirmed Towry is looking to float within the next 12-18 months and has appointed STJ Advisors to prepare the offering, but has dismissed an estimate of its valuation as "speculative". "We are not sure how this has built up such a head of steam," says Foster commenting on the article in the Sunday Times. "We are planning to float within the next 12-18 months if market conditions are right but all the rest is purely speculative." He adds the £500m valuation quoted by the paper, along with speculation chief executive Andrew Fisher (pi...
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