Platform and SIPP provider AJ Bell today reported pre-tax profits for the latest six-month period up 27% to £17.7m in its first results since floating in December.

Platform and SIPP operator AJ Bell’s market capitalisation is will be “approximately £651m”, the company has revealed.

SIPP and platform operator AJ Bell is likely to be valued at between £626m and £675m when it floats on the stock market in December, the company predicts.

Platform and SIPP firm AJ Bell has confirmed plans for a float on the London Stock Exchange next month with the company valued at up to £500m.

Major shareholders Invesco Perpetual and chief executive Andy Bell will have an opportunity to sell down their stakes in the business while broadening the firm’s shareholder base.

Invesco currently has a 44 per cent stake which it is expected to sell down to around 25 per cent.

Mr Bell holds 28 per cent of the business and is expected to retain around a quarter.

AJ Bell says the float would enhance its brand, extend its shareholder group, assist in recruitment and incentivisation and help with its growth strategy.

AJ Bell, the rapidly growing platform and Sipp provider, had declined to comment on reports it is planning to float on the stock market.