Pensions firm Xafinity is to float on the Stock Exchange with the aim of enhancing its public profile with existing and potential clients.

The company said it was the “logical next step in our strategy”.

Ben Bramhall, co-chief executive of Xafinity, said: "We have a very clear strategy to continue investing in our people and the services we provide to clients, including de-risking solutions.

“At the same time, we will continue to develop our highly accredited master trust, the National Pension Trust, as we believe this is a solution that employers need in the new world of flexible pensions.”

Paul Cuff, co-chief executive of Xafinity, said: "The IPO is the logical next step in our strategy, enhancing our public profile and status with existing and potential clients and providing access to the capital markets to aid future growth if required.

“We are very pleased with the response of investors to the Offer and thank them for the interest they have shown in Xafinity. We welcome our new shareholders and look forward to working with them to deliver value for all our stakeholders in the business."

Xafinity has conditionally raised £179.6 million at an offer price of 139 pence and has applied for admission of its Ordinary Shares to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc’s main market.

Admission to trading on Main Market expected on 16 February, with expected market capitalisation of £190.3 million.

Admission is expected to occur at 8am on 16 February 2017 with a market capitalisation of £190.3 million.

The group has more than 400 employees, of whom approximately 90 per cent are client facing, with offices in Reading, Leeds, Stirling, Belfast, London and Manchester. This provides Xafinity with access to staff, expertise and clients in geographic locations across the UK.