GRAND Group Investment, a late-stage incubator fund that invests in Chinese small and medium-sized companies (SMEs), today announced its intention to float on London’s Alternative Investment Market (Aim).
The Cayman-Islands-headquartered company is looking to raise £7.1m from the share placing, which is expected to kick off tomorrow. The placing is forecast to give the firm a market capitalisation of around £27.1m. Grand Group has appointed Zai Corporate Finance as its nominated adviser and broker for the listing, a London-based broker that focusses on international clients.
The fund was launched in 2014 with the purpose of investing in Chinese SMEs with high-growth prospects. The company focuses on established businesses in with technology and intellectual property which the Grand Group board deems could benefit from access to university research resources.
Non-executive chairman Jay Newman told City A.M.: “The reasons are two-fold: the company wants to expand its investor base to Europe and the UK, and its existing investors like the idea of the improved corporate governance and discipline that comes with a listing on Aim.”