14th Jun 2016 07:29
LONDON (Alliance News) - Shares in media company Time Out Group PLC were trading flat after it was admitted to London's AIM market Tuesday.
The company, which publishes print magazines and produces digital content under the Time Out brand, raised GBP90 million in its initial public offering, giving it a market capitalisation on admission of GBP195 million.
Shares in Time Out were trading flat at 150.0 pence on admission.
Last Thursday Time Out said it expected to receive GBP58 million from the IPO, after taking into account the repayment of shareholder debt and costs of raising the new funds. It will use the funds raised to back its growth plans, as well as to invest in its digital, e-commerce and markets businesses.
Liberum Capital is acting as Time Out's nominated adviser and sole bookrunner.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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