18th Mar 2014 14:00
LONDON (Alliance News) - Dalata Hotel Group PLC Tuesday said it has raised EUR265 million gross through a placing of 106 million shares under its float on AIM, with the net proceeds earmarked for the acquisition of a portfolio of 16 to 25 hotels throughout Ireland and to pay down its debt.
The placing values the company's issued and to be issued share capital at EUR305 million.
Dalata said the placing attracted strong institutional investor interest, resulting in an over-subscribed placing.
Dalata had originally intended to raise between EUR150 million and EUR200 million through its initial public offering.
Net debt amounted to EUR4.1 million at the end of 2013.
It said 9% of the shares will be subject to a 12-month lock in followed by 12-month orderly market arrangements.
Admission and commencement of dealings are expected to take place on the ESM market of the Irish Stock Exchange and on the AIM market of the London Stock Exchange at the open on 19 March 19.
"We are pleased to welcome quality international institutions as shareholders on admission and believe that this reflects the strength of our investment case and prospects. The capital raised through this placing will allow Dalata to pursue its strategy of acquiring a portfolio of Irish hotel assets," Pat McCann, Chief Executive, said in a statement.
Meanwhile, online payment processor SafeCharge said it wants to raise new equity in an initial public offering, also on AIM.
SafeCharge is looking to raise USD100.0 million through the placing with institutional and professional investors in the UK and the Republic of Ireland.
Its target markets include the regulated European sports betting and gaming industry, retail securities derivatives and foreign exchange trading sectors.
Clients include Gala Coral, Rank Digital Gaming, William Hill and FX Pro.
SafeCharge said it will use the net proceeds from the offer to drive revenue growth, which will include an acceleration of its acquisition strategy focused on payment service providers particularly in Asia Pacific and the Americas.
It is expected that the company will have a free float of at least 25% of its issued share capital.
In other IPO news, plastic piping manufacturer Polypipe Group said it intends to float on the main market of the London Stock Exchange in April, with plans to offer shares to institutional and professional investors.
Deutsche Bank AG and Numis Securities Ltd are acting as joint sponsors and joint bookrunners. Canaccord Genuity Ltd is acting as co-lead manager. Moelis & Company UK LLP is acting as financial adviser.
A free float of approximately 50% is expected.
Full details of the offer will be included in the prospectus, expected to be published in due course.
Tuesday also market the first day of dealings for Circassia Pharmaceuticals, trading down 0.02% at 309.95 pence in afternoon trading.
By Samuel Agini; [email protected]; @samuelagini
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