29th Mar 2016 08:18
LONDON (Alliance News) - Harwood Wealth Management Group PLC and MaxCyte Inc both saw their shares rise as they started trading on AIM on Tuesday, while masonry products maker Forterra announced plans to float on the London Main Market.
Harwood, a financial planning and wealth management firm, raised GBP13.5 million through a fundraising ahead of admission. Of this, GBP10.0 million has been raised as new equity for the company. Its market capitalisation upon admission was GBP45.0 million.
The shares were placed at 81.00 pence per share and were sharply higher on Tuesday morning, up 14% to 92.00 pence.
Harwood intends using the funds raised to back further acquisitions and to cover any associated costs.
"The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation," said Neil Dunkley, joint chief executive of Harwood.
Also joining AIM on Tuesday was MaxCyte, a US-based cell engineering technology developer. It is planning to use the funds raised to develop products based on its CARMA platform therapeutic platform.
It raised GBP10.0 million through the issue of 14.3 million shares at 70.00p per share. Its market capitalisation upon admission was around GBP30.4 million.
Shares in the company were also higher on their debut, up to 75.00p, a 7.1% rise.
"The successful completion of our IPO will permit MaxCyte to continue to build enhancements to our proprietary cell engineering technology and support our partners' ongoing and future needs," said Doug Doerfler, MaxCyte's chief executive.
"It will also permit MaxCyte to continue to make investments into, and demonstrate commerical proof-of-concept for the use of, MaxCyte's technology platform in new and exciting applications in drug discovery and development, biomanufacturing, cell therapy, gene editing and immuno-oncology," he added.
Also on Tuesday, manufactured masonry products manufacturer Forterra PLC tabled plans to float on the London Stock Exchange's Main Market. The company is the former UK building products arm of Hanson, the building products group now owned by Germany's HeidelbergCement AG. HeidelbergCement sold the Hanson building products arm to US private equity firm Lone Star in 2014.
Forterra is focused solely on the UK market and makes clay and concrete bricks, selling to the residential new build and repair, maintenance and improvement markets. In 2015, it delivered earnings before interest, taxation, depreciation and amortisation of GBP71.0 million on revenue of GBP290.0 million.
Forterra did not provide details on how much it will raise nor its expected market capitalisation upon admission, but expects to have a 25% free-float. The offer will be managed by Credit Suisse Securities and Deutsche Bank, working with Citigroup.
"As a leading, long-established producer of building materials focused solely on the UK, we are excited to begin this new period as an independent company with a listing on the London Stock Exchange. The fundamentals of our industry are attractive and with our efficient manufacturing base, strong positions across all product categories, long-standing customer relationships, and significant scope for future capacity expansion, Forterra is very well placed for the future," said Forterra Chief Executive Stephen Harrison.
By Sam Unsted; [email protected]; @SamUAtAlliance
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