essensys Shares Rise 15% As It Begins Life On London Stock Exchange (ALLIPO)

LONDON (Alliance News) - Software and cloud services provider essensys PLC has begun trading in ...

Alliance News 29 May, 2019 | 9:20AM
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LONDON (Alliance News) - Software and cloud services provider essensys PLC has begun trading in London on Wednesday following a GBP28 million initial public offering.

essensys placed 18.5 million new shares in its IPO, at 151 pence each, with half of the proceeds going to the company and the rest to selling shareholders.

Shares were trading at 173.52 pence on Wednesday, meaning a 15% rise from the IPO price.

The company has a market capitalisation of around GBP83.5 million at that price, with 48.1 million shares in issue.

Chief Executive Mark Furness said: "Today is a landmark day for essensys, marking the start of the latest and most exciting phase of our journey to date. The positive reception we have received from investors has been hugely encouraging, and serves as an endorsement of the strength of the business we have built as well as the significant long-term opportunities that lie ahead of us as a UK-listed company with global ambition."

"I want to thank everyone who has helped essensys achieve this successful flotation, especially our committed, passionate employees who are the true heartbeat of our business, and our loyal customer base who have allowed us to play an exciting role in the evolution of the flexible workspace industry."

N+1 Singer Advisory LLP worked with the company on its float, and has been retained a nominated advisor and broker.

By George Collard; georgecollard@alliancenews.com

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