Magazine publisher ignores London IPO Time Out to target pre-referendum float

 
William Turvill
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A man reads a magazine in the early even
This man is enjoying a magazine (not Time Out) (Source: Getty)

Time Out magazine is planning to float on the alternative investment market (Aim) next week, with an initial public offering (IPO) valuing the company at £195m.

The magazine publisher said it will issue 60m ordinary shares at 150p, raising £90m in gross proceeds.

Liberum Capital is acting as Time Out’s nominated adviser and sole bookrunner.

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The company said the £90m will be used to accelerate its growth and “further monetise its platforms focusing on digital advertising, e-commerce and Time Out Markets”.

Time Out is planning to list on the London Stock Exchange’s Aim at 8am on 14 June.

The timing is significant because it is thought among IPO experts that many companies are holding back from listing before the EU referendum on 23 June.

Chief executive Julio Bruno told City A.M. this did not factor into Time Out Group's thinking.

"We are a global company, so we are thinking global. We are in 107 cities in 39 countries," he said.

"Timing is I think completely irrelevant to whatever else is happening in the political [world]."

He also said a so-called Brexit would not affect Time Out in any way.

Bruno said the funds would be used to to "spearhead and hypercharge our growth".

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It first emerged that Time Out was planning an IPO at the end of April.

The magazine was founded in 1968 in London and now operates across 107 cities in 39 countries.

The magazine switched to being a free weekly publication in London in 2012. It competes with other free magazines in the capital such as Shortlist, NME, Sport and Stylist.

In the second half of 2015, it had an average UK circulation of just over 300,000, according to ABC.

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