MHA falls short of £125m IPO target
UK accountancy firm MHA is reportedly struggling to reach its £125m fundraising goal ahead of a planned flotation on the London Stock Exchange, as it becomes the latest professional services firm to test public market appetite.
According to reporting by Sky News, the Baker Tilly-affiliated firm had secured investor commitments of approximately £100m by midweek—falling short of its target despite ongoing efforts to close the gap.
The deal is expected to be presented to the firm’s partnership imminently, with a formal announcement anticipated in the coming days.
Should the IPO proceed, MHA is expected to begin trading later this month, with a post-money valuation of around £275m.
The firm’s pursuit of a public listing marks a rare move in the accountancy sector, where most major firms remain privately owned by partners.
The effort follows closely on the heels of Grant Thornton UK’s partial sale to private equity firm Cinven, another signal of shifting ownership dynamics in the profession.
However, MHA’s proposed flotation comes at a turbulent time. Global market sentiment remains cautious amid uncertainty over new tariffs introduced by U.S. presidential frontrunner Donald Trump.
One source close to the firm described MHA as remaining “bullish” about the IPO, despite the challenging backdrop.
The listing bid also coincides with increased regulatory scrutiny of the firm’s audit work, including its role in auditing the now-defunct construction group ISG.
If successful, the listing would position MHA as one of the few publicly traded professional services firms in the UK, signalling a potential shift in how mid-tier firms fund growth and attract capital in an evolving professional landscape.
