24th Sep 2021 08:18
(Alliance News) - Peel Hunt Ltd on Friday said it has achieved a valuation of GBP280 million in its initial public offering, a windfall for its employee-owners but a miss against a reported GBP350 million target.
The London-based investment bank, which specialises in capital markets services for small listed companies, sold 49.1 million shares at 228 pence each in the offering, for a total of GBP112.0 million. A total of GBP40 million was raised for the company, while the remaining GBP72 million will go to selling shareholders. The company will have a free float of 40%
The IPO gives Peel Hunt a market capitalisation of GBP280 million on admission. In April, Sky News reported the firm was targeting a GBP350 million valuation, citing "insiders".
The offering was "comfortably oversubscribed", with strong support from institutional and retail investors, Peel Hunt said.
Trading on London's AIM market is expected to start on Wednesday next week.
"We have been delighted with the positive reception to our IPO...This is testament to the high-quality business we have built over the past decade, which puts us in prime position to take advantage of numerous opportunities ahead and continue our strong growth momentum," Chief Executive Steven Fine said.
By Ivan Edwards; [email protected]
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