LONDON (ShareCast) - (Sharecast News) - JTC has raised £65.9m to reduce debt and leave it room to fund more than 25 potential acquisitions.
The FTSE 250 fund management company placed 10.6m shares with investors at a price of 620p a share - a 1.7% discount to the closing price on 29 April. The shares are expected to start trading on 5 May.

Announcing the placing on Thursday afternoon JTC said it would use the net proceeds to cut its debt and gain greater flexibility to snap up businesses to increase its scale and add services to speed up growth.

JTC has bought INDOS, which provides services for alternative investment funds, and RBC CEES in the past six months. It said it had agreed terms on another acquisition with two in talks and a further 25 in the pipeline.

Nigel Le Quesne, JTC's chief executive, said: "We are delighted to have completed our first placing since listing in 2018 and are grateful for the support shown by our investors. As we begin our latest five-year business plan cycle, the proceeds will allow the group to capitalise on a high quality pipeline of near-term acquisition opportunities with certainty of funding and to continue to deliver on our disciplined and proven approach to inorganic growth in a consolidating sector."

JTC shares rose 1.3% to 639p at 08:56 BST. The shares have more than doubled since JTC's initial public offering in 2018.

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