9th Dec 2021 15:24
(Alliance News) - Ideagen PLC announced on Thursday it had raised GBP103.5 million in total gross proceeds through its placing and subscription of shares.
Shares in Ideagen were down 11% at 272.20 pence on Thursday in London.
The Nottingham-based supplier and developer of software products placed 37.0 million new ordinary shares, as well as subscriptions for a further 1.3 million new ordinary shares through its PrimaryBid offer. In each case, shares were priced at 270 pence each.
This placing price represents a 1.6% discount to the volume weighted average closing price for the 15 days to Tuesday. The fundraising shares represent approximately 15% of the company's current issued share capital.
Canaccord Genuity Inc, finnCap Group, Goldman Sachs Group Inc and Numis acted as joint bookrunners in the placing which Ideagen added was oversubscribed.
Chair Richard Longdon said: "I am very pleased to announce the conclusion of this oversubscribed fundraising, which reflects strong investor support for our strategy. The proceeds will support our healthy pipeline of acquisitions to add adjacent capabilities and broaden our geographic reach. We have a strong record of identifying and integrating acquisitions that fit with our strategy, having completed eight acquisitions following our fundraise in December last year."
By Heather Rydings; [email protected]
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