2nd Apr 2014 11:27
LONDON (Alliance News) - SafeCharge International Group Ltd Wednesday saw its shares rise above the placing price after its initial public offering on AIM.
The provider of payments services, risk management and IT services for online businesses was trading at 168.9 pence midday Wednesday, having priced its IPO at 162 pence a share.
The oversubscribed placing raised it USD125 million, or GBP75.75 million, and gave it an initial market capitalisation of about USD400 million, or about GBP242.6 million. It will use the money to develop and expand the business, including by buying payment service providers, particularly in Asia Pacific and the Americas.
The company's current clients include Gala Coral, Rank Digital Gaming, William Hill PLC and FX Pro. Its revenue was USD43.2 million, or GBP26.0 million, in 2013, while adjusted earnings before interest, tax, depreciation and amortisation was USD11.3 million, or GBP6.8 million.
It is planning to pay out up to half its Ebitda as dividends.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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