The Mortgage Advice Bureau, which operates via estate agents’ offices, has successfully floated on AIM.

Valued at £81m, it makes a paper fortune of millions for Peter Brodnicki, who founded the business 14 years ago on seed money of just £500,000.

He then grew the business and saw it through the bruising years of the last recession.

Brodnicki’s stake is just over half of the company (53.3%) valued at £42m. He is selling one third of this, netting him £13m.

Altogether, by selling 45% of its business, MAB has raised £36.4m.

The amount gives the exiting shareholders Peter Birch and his wife Nicola £15m. They are selling the 19% stake they were given when their business, Mortgage Talk, was acquired by MAB in 2012.

MAB’s success has come despite several firms – Virgin Money, Aldermore and Miller Homes – all scrapping their proposed flotations.

In contrast, it is understood that MAB’s listing was oversubscribed.

The share price has been set at 160p. Conditional trading began yesterday, with admission and unconditional dealings expected on Friday.

A company statement said: “We are delighted to announce our successful float on AIM, which has received strong demand from investors despite recent turbulent market conditions, recognising MAB’s position as a leading UK mortgage intermediary brand and network.

“Our admission to AIM will provide us with a strong platform from which to build on our success to date.”

* MAB’s launch on the stock market came on the same day that, coincidentally, the Council of Mortgage Lenders announced the best quarter for house purchase lending since 2007.

In the third quarter of this year, there were 84,100 first-time buyer loans and 103,600 home mover loans – up 24% and 19% respectively on the third quarter of last year.

This was despite the fact that house purchase weakened by 3% and 10% respectively in September on a monthly basis.