16th Mar 2015 09:58
LONDON (Alliance News) - TechFinancials Inc on Monday said it has raised GBP3.1 million via a listing on AIM and saw its shares trade down slightly early in their market debut.
TechFinancials, a financial services software developer, said it raised GBP3.1 million via the issue of 11.3 million shares at 27 pence per share. Shares in the company were down 3.1% to 26.2 pence in morning trade Monday.
At the offer price, TechFinancials has a market capitalisation of GBP18.4 million. The initial public offering was led by Northland Capital Partners Ltd as broker.
The company intends to use the proceeds of the financing in part to back the growth of its business globally and the development of its regulatory compliant software services for the US and Japanese markets.
"I am very pleased that TechFinancials' shares are today admitted to AIM. TechFinancials is well placed to capitalise on the opportunities which being a publically listed company brings," said Chief Executive Officer Asaf Lahav.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
TECH.L