Investment bank Peel Hunt has announced it has successfully raised £112m in its AIM IPO.
This fund included £40m of new capital which will go towards supporting the next phase of the company’s growth, the mid and small-cap specialist investment bank said on Friday.
The placing was described as comfortably over-subscribed after attracting strong support from institutional and retail investors.
The market capitalisation of the company when it begins trading on London’s AIM market on September 29 will be £280m, based on the placing price.
Steven Fine, chief executive officer of Peel Hunt, said the firm had been “delighted with the reception” to the IPO.
“This is testament to the high-quality business we have built over the past decade, which puts us in prime position to take advantage of numerous opportunities ahead and continue our strong growth momentum.
“I am also extremely pleased that even more of our dedicated and talented staff are now shareholders following their participation in the employee share offer and would like to thank them for their ongoing commitment in making the business the success it is today.”
On admission, the company will have 122, 807, 085 Ordinary Shares in issue and a free float of approximately 40 per cent.
The company announced its intention to float on September 14.