Financial services group Storm Financial (Storm) has hit a stumbling block in its path to listing, with the group forced to delay its initial public offering (IPO) by a month.
The Townsville-based financial planning group was due to list to the Australian Securities Exchange in August however these plans have now been put on hold.
Storm has put the breaks on its rumoured $500 million IPO due to conflicts with the group’s reporting time.
The company will now float in October.
While remaining coy on further details of the listing, Storm has gone public about its desire to grow adviser numbers.
The group has made no secret it wishes to expand across Australia by advertising to existing planning groups.
The group was willing to pay above industry standard over shorter time frames with 50 per cent up front and 50 per cent 12 months later, it said.
Storm Financial also offers interested advisers the choice to stay in the practice for one to two years as a measure to ease into retirement, indicating that perhaps the group plans to target pre-retirement planning principals and their practices.
Its expansion plans follow on from the group’s major restructure of its research business earlier this year.
Storm Financial Research was originally created to support Storm Financial with research and financial systems, however, was rebranded Ignite Financial Systems and Research in April.
The group has not been affected by the rebranding, with the financial planning group fitting into the new research structure as a formal client.
Storm Financial was unavailable for comment.
