Keystone Law made its debut on the London Stock Exchange yesterday and saw its share price jump 20% in the first day of trading. Admitted at 160p, the shares closed at 191p, having gone as high at 196p. Keystone was valued with a market capitalisation of £50m, following an oversubscribed £15m fundraising. Some £10m was raised for the company, comprising £9.4m by way of the placing and £600,000 through the issue of subscription shares, with £5m raised for the selling shareholders.Chief executive James Knight told Legal Futures last week that he and two other shareholders had sold the 10% stake in the business to provide greater share liquidity.
Keystone's founder explains why the firm decided to become the third to list on the London Stock Exchange...“This listing is about the future,” says James Knight, founder and managing director of Keystone Law, which today (16 November) confirmed that it will become the third law firm to float on the London Stock Exchange (LSE).