Auction Technology Starts London Trading After Raising GBP273 Million

(Alliance News) - Auction Technology Group PLC on Tuesday reported successful completion of its ...

Alliance News 23 February, 2021 | 11:27AM
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(Alliance News) - Auction Technology Group PLC on Tuesday reported successful completion of its initial public offering in London.

The online marketplace said its market capitalisation will be GBP600 million at the commencement of the trading on the main market of the London Stock Exchange on Tuesday, based on the offer price of 600 pence per share.

The stock was trading at 801p a share on Tuesday morning in London.

The offer comprised 45.5 million shares, equating to a total offer size of GBP272.7 million, representing 46% of the company's total share capital in issue at admission.

Auction Technology noted that an additional 4.5 million shares are being made available by some existing shareholders pursuant to the over-allotment option.

The company said it intends to use the proceeds to reduce its current leverage to a nil net debt position at admission, providing Auction Technology with the balance sheet flexibility to pursue opportunities in line with its strategy, such as future acquisitions.

The company said it will also use the money to repay its preference shares held by some existing shareholders and pay costs associated with the offer.

"We are delighted with the outstanding level of support we have attracted from investors. This is a recognition of what the whole Auction Technology team has achieved, in addition to the scale of the opportunity ahead of us," said Chief Executive John-Paul Savant.

"This IPO will give us a strong platform to continue investing and innovating to further enhance what we bring to auctioneers and bidders, and we look forward to sharing this exciting journey with our new shareholders," added Savant.

By Evelina Grecenko;

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