21st Feb 2020 09:48
(Alliance News) - Financial services company FRP Advisory Group proposed an GBP80.0 million initial public offering, it said on Friday, as it eyes beginning trading in London's junior market on March 6.
The company proposed placing 100.0 million shares at 80 pence each. London-based FRP, which specialises in restructuring advisory services, said its market capitalisation on admission to AIM will be GBP190 million.
"The IPO has attracted strong support from high-quality institutional investors and was oversubscribed," FRP said.
Cenkos Securities PLC is acting as the nominated advisor and sole bookrunner for the issue, FRP added.
Chief Executive Officer Geoff Rowley said: "Over the last ten years FRP Advisory has grown into one of the leading restructuring advisers in the UK. We operate in a growing market, with insolvency volumes steadily increasing over recent years, while we've also been taking market share and working on increasingly large and complex cases.
"The IPO represents an important next step in our development, which will further enhance our profile and ongoing growth. There are a range of exciting growth opportunities as we continue to grow our office footprint and attract new talent."
FRP added the net proceeds from the equity raise will be used to "strengthen its balance sheet" and fund acquisitions.
By Eric Cunha; [email protected]
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