27th Feb 2020 13:03
(Alliance News) - Inspecs Group PLC on Thursday said it raised a total of GBP23.5 million in its initial public offering on the AIM market of the London Stock Exchange.
The stock was flat at 195.00 pence each on Thursday morning in London.
The Bath-based firm, which manufactures and distributes eyewear products to retail partners, said it raised GBP23.5 million for the company through a placing of 12.1 million shares at 195 pence each.
Peel Hunt placed 36.2 million existing shares on behalf of selling share holders at the same price raising another GBP70.5 million in gross proceeds.
Following admission, Inspecs now has a market capitalisation of GBP138.0 million.
"Our admission to AIM represents a landmark moment for Inspecs. It will enable the business to grow and develop, both organically and through accretive acquisitions, as we build our market share in the globally expanding eyewear market," said Chief Executive Robin Totterman.
By Ife Taiwo; [email protected]
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