Scottish firm admitted to AIM
FreeAgent debuts at premium on stock market
Institutional investors have subscribed via a placing which raises £8 million for expansion and gross proceeds of £2.7m for the selling shareholders at 84p per share.
The Edinburgh-based company was valued at £34.1 million when its shares were admitted to the Alternative Investment Market at 8am. They closed at 87.5p, having touched 90.95p.
Nplus1 Singer Advisory is acting as nominated advisor and sole broker.
Ed Molyneux (pictured), chief executive of FreeAgent said: “We are very pleased to have today been admitted to trading on AIM – this is a transformational event for FreeAgent.
“I am delighted by the interest shown in FreeAgent by investors, resulting in our successful placing, and equally delighted to welcome on board our new shareholders.
“Our entry to the AIM is a positive step that marks the next phase of FreeAgent’s development as we progress our growth strategy. We look forward to our future as a quoted company with confidence.”