Online pension management app Pensionbee (PBEE.L) has joined the London Stock Exchange in an IPO that values the business at £365m ($507m).

The retirement savings app priced its shares at 165p each on Wednesday, the company said in a filing. Conditional trading began on Wednesday, with shares trading slightly below the offer price by mid-morning.

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Pensionbee raised around £55m via the sale of 33m new shares and the sale of over 2 million existing shares. The cash will be used to fund investment in its platform, as well as for advertising and marketing.

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“We are delighted with the strong support that we have received from institutional investors and our customers, who understand the importance of our vision, to simplify pensions so that everyone can look forward to a happy retirement,” chief executive Romi Savova said in a statement.

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The stock market float was open to institutional investors and UK-based customers. Pensionbee has said that over 8,000 customers registered to invest.

Pensionbee was founded by Savova and chief technology officer Jonathan Lister Parsons, after Savova — who worked at Goldman Sachs (GS) and Morgan Stanley (MS) — encountered issues moving her pension from a previous employer’s scheme.

The company aims to simplify the transfer of workplace pensions. Pensionbee allows customers to combine their pension into one “diversified online plan” to gain more control of their finances.

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