Galasys set to ride on London’s market with £7m flotation plan
THEME park ticketing firm Galasys is preparing to raise £7m on London’s alternative investment market (Aim) before Easter to fuel expansion outside of its Asian home market.
The Kuala Lumpur-based firm provides ticketing systems to theme parks in China and Malaysia and is seeking a market valuation of up to £30m at its initial public offering (IPO).
“Given the rising affluence and economic growth in Asia, we are well placed to capitalise on our current leading market position in the key lifestyle segment of amusement and theme parks,” said chief executive Seah Kok Wah.
Galasys last year reported revenues of 26.7m Malaysian ringgit (£4.9m) with a profit of 7.2m ringgit.
“An IPO is the right strategy to support our continued development and we are looking forward to a successful future as an AIM listed company,” added Kok Wah.
Accesso, formerly Lo-Q, is a UK-based ticketing provider of similar ticketing services to Legoland Windsor and a number of US theme parks. Since Accesso’s IPO in 2003 its share price has exploded nearly 600 per cent to 693p, following its expansion to the US market.
BEHIND THE DEAL
ARDEN PARTNERS | ADRIAN TRIMMINGS
1 Trimmings joined Arden Partners eight years ago and is lead director on the Galasys initial public offering next month.
2 He has previously worked on London IPOs including Indian call centre operator iEnergizer’s £37m London float in 2010 and the Indus Gas IPO in 2008 which raised £25m.
3 Trimmings studied engineering at Exeter University, but was tempted over to corporate finance after he graduated. He hopes one day to return to his engineering roots.
Also advising…
Trimmings is joined by James Felix from Arden Partners who joined the firm in December last year. Felix is a lawyer by training and currently works as an associate director for the firm. Newgate Threadneedle is handling corporate PR for the firm in the lead up to its London flotation.