11th Jun 2015 10:22
LONDON (Alliance News) - Software company Adgorithms Ltd was admitted to trading on AIM Thursday after raising GBP27.0 million in its initial public offering.
Adgorithms raised GBP27.0 million through the placing of 20.3 million new and existing shares at a price of 133 pence each, giving the company a market capitalisation of GBP82.1 million on admission.
Shares in the company were trading up 3.0% at 136.997 pence late Thursday morning, having hit 138 pence earlier in the day.
Adgorithms said it plans to use the proceeds of the placing to accelerate the development of its artificial intelligence based software platform Albert, broaden its sales footprint by opening new offices in New York, San Francisco and London, and make selective acquisitions of media agencies.
Liberum is acting as nominated adviser and broker.
"As a public company, we believe shareholders and customers will benefit from our ability to capitalise on the growth opportunities that exist within the online advertising market," said Chief Executive Officer Or Shani in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ADGO.L