Accountancy firm MHA has gone live on London’s AIM market, with a market cap of £271m ($360.06m) upon admission. 

The  UK network member of Baker Tilly raised £98m ($130.21m) through an institutional placing and retail offer. 

In March 2025, the firm expressed its intention to pursue listing on the alternative investment market (AIM), the growth market of the London Stock Exchange. 

The decision to float was unanimously approved by the MHA Board and supported by its partners.  

The firm chose initial public offering (IPO) as the most “sustainable route” for the long-term benefit of clients. 

With 271,211,764 ordinary shares in issue, MHA has reported a free float of approximately 36.1%. 

The net proceeds from the placing and retail offer will be invested in advanced technology, including AI, to enhance data collection and analysis, thus accelerating growth. 

The funds will also be used to repay Loan Notes, releasing capital for 19 Retiree Capital Partners and certain continuing Partners.  

Additionally, the capital will support further bolt-on acquisition opportunities. 

Cavendish Capital Markets is the nominated adviser, bookrunner, and broker to MHA.  

MHA CEO Rakesh Shaunak said: “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.” 

The company has a history of strategic acquisitions, including the purchase of Moore and Smalley in April 2024, which brought in £30.4m in revenue for fiscal year of 2024 and added around 400 employees to the group. 

The directors of MHA see potential for additional strategic acquisitions within the fragmented UK accountancy market and are considering cross-border acquisitions. 

This possibly would include other members of the Baker Tilly International Network. 

MHA operates under its own brand within the UK while also leveraging the Baker Tilly brand and its experts for business referrals and cross-border projects.