29th Dec 2020 10:56
(Alliance News) - Vector Capital PLC shares started trading on AIM on Tuesday, giving the commercial lending firm a market capitalisation of GBP16 million upon admission.
Last week, Vector - which provides secured loans to businesses based in the UK - said it planned to raise GBP3.1 million through a placing of 8.1 million new shares at 38 pence each. The stock was quoted at 41.52p Tuesday morning, up 9.3% from its initial public offering price.
"Vector Capital's debut on AIM represents a significant milestone and an exciting opportunity for the business. We are delighted with the positive reception received from institutional investors and we are pleased to welcome them on board," said Chief Executive Agam Jain.
"Over the last two decades, we have built up a profitable, cash generative business and become a trusted lender by brokers and our placing and admission to AIM enables us to increase our lending power and scale the business. With a strong pipeline of loans underpinned by market demand, we look forward to executing our growth plans and delivering returns to our shareholders," added Jain.
Allenby Capital is acting as nominated adviser and broker to the company.
By Arvind Bhunjun; [email protected]
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