19th Dec 2016 13:25
LONDON (Alliance News) - Big Sofa Technologies Group PLC said it has raised around GBP6.1 million in its initial public offering, as it was admitted to trading on London's AIM market.
The GBP6.1 million was raised via a placing and subscription at 17 pence per share. Shares in Big Sofa were up 26% at 21.44p on Monday afternoon following their admission to trading.
Big Sofa, which provides video analytics for consumer brands and market research agencies, said it will use the funds raised to help accelerate its near-term growth opportunities with key customers and expand in the US.
"The market is growing at a substantial pace and Big Sofa has a growing list of blue chip customers. Our listing on AIM gives us the means to accelerate our growth ambitions both domestically and internationally in order to create a highly profitable business of scale. We have a fantastic team in place and are excited to enter our next phase of growth as a listed company," said Chief Executive Officer Simon Lidington in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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