Software firm in £18m Aim float

 
Caitlin Morrison
Follow Caitlin
TechFinancials, which was founded in 2009, develops software for online brokers
SOFTWARE developer TechFinancials begins trading on the Aim sector of the London Stock Exchange today.

The group raised £3.05m through a placing ahead of the float, which gives it a market capitalisation of around £18.4m.

TechFinancials said it was going public in order to gain flexibility in its corporate and financial structure, so as to aid further growth. It also hopes to have improved access to further funding from international capital markets, and a wider range of potential investors.

Asaf Lahav, group chief executive, said: “Our decision to list on Aim makes good sense for TechFinancials as we look to take our business onwards to the next stage of its development. We believe that the company is at an exciting stage of development and we hope to capitalise on the burgeoning binary options and Forex markets.”

The company, which specialises in supplying trading solutions to online brokers, was advised on its IPO by Grant Thornton, Northland Capital Partners and Argento Capital Markets.