Oversubscribed investment trust and Scottish tech firm announce flotations

 
William Turvill
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Inside The London Stock Exchange
Software-as-a-service firm Freeagent Holdings floated on Aim this morning (Source: Getty)

A Scottish technology company floated on the London Stock Exchange this morning and is set to be joined by an oversubscribed new investment trust on Friday.

City A.M. first reported that the investment trust, Civitas, which focuses on social housing, was planning to raise £250m through a float on 18 November.

The IPO was oversubscribed and Civitas today announced it will be accepting gross proceeds of £350m, which will also be the initial market capitalisation of the company.

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Cenkos Securities is acting as the sole sponsor and financial adviser to Civitas, which will join the main market.

Michael Wrobel, chairman of Civitas, said: “We are delighted with the investor support we have received and we look forward to working with our shareholders in the future.”

Software-as-a-service firm Freeagent Holdings began trading on the Alternative Investment Market (Aim) at 8am on Wednesday under the ticker “FREE”.

Read more: Social housing investment trust plots £250m-plus IPO this month

Edinburgh-based Freeagent raised £10.7m through the listing, which gives the company a market capitalisation of around £34.1m.

NPlus1 Singer acted as nominated adviser and sole broker to the company.

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