5th Dec 2019 10:51
(Alliance News) - Promotional products focused software firm Pebble Group PLC began life on the London Stock Exchange Thursday after raising about GBP135 million in its initial public offering.
Pebble placed 75.4 million shares at a price of 105 pence each, with existing shareholders selling a further 53.5 million shares, at the same price. The new shares raised GBP79 million, while existing shareholders pocketed GBP56 million.
In mid-morning trade on Thursday, Pebble shares were at 122.50p, up 17% from the IPO price.
Given the 120p share price, Pebble's market capitalisation is currently GBP205.1 million. The company has 167.5 million shares in issue with a free float of about 48%.
"Joining AIM today is another landmark on the development of our group, allowing us to invest more readily in the future growth and development of the business and enable us to incentivise our people and maximise our potential," said Chief Executive Christopher Lee.
Funds from the IPO are to assist in future expansion and boost Pebble's profile, as well as its ability to provide employee incentives.
Berenberg is acting as sole global coordinator and broker for the stock offering, while Grant Thornton is the company's nominated adviser.
By Paul McGowan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
The Pebble Gro.