Peel Hunt raises £122m in London listing
By Michele Maatouk
Date: Friday 24 Sep 2021
(Sharecast News) - Broker Peel Hunt said on Friday that it has raised £112m in a listing on London's junior AIM market.
Peel said that based on the placing price, its market capitalisation on admission to AIM will be £280m. The placing attracted strong support from high quality institutional investors and retail investors and was comfortably over-subscribed, it said.
Proceeds from the placing will be used to support the next phase of growth. Peel Hunt said this includes accelerating growth in all its businesses, establishing a European presence, continuing its investment in its differentiated proprietary technology to drive efficiencies, new products and services and to fund future increases in regulatory and working capital.
Chief executive Steven Fine said: "We have been delighted with the positive reception to our IPO, with strong support from institutional investors, as well as retail investors who were able to participate through intermediaries using our REX technology platform.
"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."
As at 31 August, the group had 157 corporate clients with an average market capitalisation of around £775m.
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