Freeths advises on London Stock Exchange IPO of MHA plc

Leading law firm Freeths has advised accountancy firm MHA on its £250 million pre-new money valuation IPO on AIM, raising £95.8m from institutional investors, and also with a retail offering component to British investors.

As the UK’s 13th largest accountancy practice, MHA has experienced exceptional growth over the last few years through strategic acquisitions. 

The business will now use the capital raised to make further purchases, with the aim of breaking into the top 10 accountancy firms in the UK, for working capital and to allow retired and continuing partners to realise capital as part of a pre-IPO restructuring. 

Freeths ECM-specialist London Corporate Partner Jeremy Swift led on the flotation, with support from London Head of Corporate, Tom Rowley, and a multi-disciplinary team of 44 lawyers from across the firm’s 13 offices. 

MHA is expected to join the 679 AIM-listed firms on the market on Tuesday 15th April. 

Jeremy Swift said: “This has been such an exciting project to work on supporting our client with this IPO, marking a significant milestone in its journey. It will ensure the firm is well placed for further expansion and cement its leading position within the market. The listing also demonstrates a strong vote of support for the UK capital markets, which have been under pressure in recent times. With a wealth of expertise in capital markets transactions, our team is fully equipped to support UK companies on complex fundraisings."

Tom Rowley added: “We are delighted to have been able to assist with bringing MHA to market, working in close collaboration with Cavendish and the wider advisory team. It is testament to the strides we have made in recent years in growing a strong corporate team with ECM specialists that can execute complex landmark projects such as this, and gratifying to note our hard work being recognised, for example our nomination for Law Firm of the Year 2025 by City AM. It is also great to see a fellow Baker Tilly International network partner firm, with a similar track record of growth to ours, embarking on an exciting next chapter.”

MHA CEO Rakesh Shaunak added: “It’s been such a whirlwind but this new chapter for our business marks an exciting journey for our people as it represents the next stage in our evolution, and we believe we’re best suited to the London market. The support we’ve received from Freeths has been invaluable and we certainly wouldn’t have been able to reach this success without the help of their team.”