11th Aug 2015 07:53
LONDON (Alliance News) - Media investment company Gloo Networks PLC was admitted to trading on AIM Tuesday, having raised GBP30 million in its initial public offering.
Gloo raised GBP30 million through the placing of 25 million shares at a price of 120 pence per share, giving it a market capitalisation of GBP30.7 million on admission. Shares in the company were flat at 120 pence Tuesday morning.
It plans to use the proceeds of the fund-raising for working capital and to carry out due diligence on potential acquisition targets. The company is looking to acquire and operate "trusted consumer brands" in the media sector, initially with an enterprise value in the range of GBP250 million and GBP1 billion.
It will initially focus on the UK, the US and to a lesser extent Europe.
The company said it has "received strong backing from major institutional investors, with significant additional capital expected to be raised at the time of the target acquisition."
Liberum acted as Gloo's nominated adviser, joint broker and joint bookrunner to the placing. Numis acted as joint broker and joint bookrunner.
"We are delighted with the support that we have received from a wide range of blue-chip institutional investors and extremely excited by the opportunities ahead. The convergence of the internet and media sectors provides Gloo with a wealth of opportunity to deploy its expertise, and we are looking forward to applying it," said Chief Executive Officer Rebecca Miskin in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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