16th Mar 2015 11:46
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 trading at 26.7 pence Monday morning.
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.
In a separate statement, AIM-listed investing company Teathers Financial PLC said it has invested GBP100,000 in TechFinancials by acquiring 379,371 shares at a price of USD0.0005 each, or a less than a 1.0% stake.
By Sam Unsted; [email protected]; @SamUAtAlliance
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