28th Jun 2021 10:55
(Alliance News) - Itim Group PLC on Monday said it raised GBP8.0 million in its initial public offering on London's AIM market, as shares slipped on the first morning of trading.
Shares were down 2.3% to 150.4 pence. They were priced at 154p each in the IPO, which gave Itim a market capitalisation of GBP48.1 million.
The London-based company said it will use the funds to refine its software, invest in marketing, expand internationally, repay GBP2.1 million debt, and advance potential acquisitions. Itim provides technology enabling physical retailers to set up online, such as click-and-collect software.
"Our successful IPO and admission to AIM represents a significant moment for the company. We have enjoyed strong growth and a clear strategy to execute this growth over the coming years as traditional retailers convert to omni-channel," Chief Executive Ali Athar said.
By Ivan Edwards; [email protected]
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