Seven Gateley partners are set to share £20m on 8 June when the national commercial firm floats on the Alternative Investment Market.

According to documents filed with the stock exchange today, the initial public offering will raise £30m and value the new company at £100m.

Institutional investors Schroder Investment Management and Miton Asset Management are subscribing for 8% and 5.6% stakes respectively.

On 8 June, Gateley will admit 105.2 million ordinary shares of ten pence each at 95p each. The IPO represents a 30% stake in the firm.

Post-admission, the partners with the biggest share of equity will be chief executive (senior partner) Michael Ward, chief operating officer (managing partner) Peter Davies and board members Brendan McGeever and London office head Paul Hayward. Each will have a 3.12% stake valued at £3.12m.

Birmingham partner Callum Nuttall will have a 2.75% stake valued at £2.75m, while corporate recovery head Mark Wilson, and banking and finance head Andrew Madden each get 2.4%, worth £2.4m each.

Schroder and Miton are taking stakes worth £8m and £5.6m respectively.