25th Feb 2021 12:45
(Alliance News) -Â Virgin Wines UK PLC on Thursday said it expects to have a market capitalisation of GBP110 million on admission to London's AIM next week.
Admission to AIM is expected to take place on Tuesday next week under the ticker 'VINO'. Liberum Capital Ltd is acting as nominated adviser and sole broker in relation to the admission.
Based on a placing price of 197 pence per share, the direct-to-consumer online wine retailer expects to have a market capitalisation of around GBP110 million on admission.
The placing of 17.7 million existing shares is expected to raise GBP34.9 million for the selling shareholders and the placing of 6.6 million new shares will raise GBP13.0 million for the company. On admission, the company will have 55.8 million shares in issue.
"We are delighted by the strong support we have received from blue-chip institutional investors and that the placing was significantly over-subscribed. Our admission to AIM will provide us with the platform to execute our ambitious growth plans, as we leverage our key strengths to continue to take market share and drive shareholder value. We welcome our new shareholders to the company and are looking forward to our future as a public company and the opportunities it will bring for everyone involved with Virgin Wines," said Chief Executive Jay Wright.
By Lucy Heming;Â [email protected]
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