18th Nov 2013 08:52
LONDON (Alliance News) - IP Group PLC Monday said portfolio company Applied Graphene Materials PLC is seeking to raise GBP11 million in a placing ahead of its initial public offering on AIM November 20.
Applied Graphene has issued 7.1 million shares at 155 pence a share in its placing. A total of 16.9 million shares will be in issue on AIM after the IPO, meaning the company will have a market capitalisation of about GBP26.2 million when it starts trading.
IP Group will have a 20.4% stake in the business. It contributed GBP2 million to the placing , resulting in a fair value gain of GBP2.6 million. Funds managed by IP Group also contributed GBP0.5 million to the placing and will hold 14.5% on admission.
IP Group shares last traded at 151 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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