British satellite equipment maker Global Invacom plans to float on UK junior stock market AIM in two weeks to seek as much as US$15m for acquisitions.
The group, which is already listed in Singapore, hired finnCap as its nominated adviser and…
British satellite equipment maker Global Invacom plans to float on UK junior stock market AIM in two weeks to seek as much as US$15m for acquisitions.
The group, which is already listed in Singapore, hired finnCap as its nominated adviser and anticipates raising at least US$10m from the move.
Up to 54 million new ordinary shares will be offered at between S$0.35 (US$0.28) and S$0.60 (US$0.48), representing around 23.3% of the existing share capital.
They are expected to begin trading on 30 June amidst a volatile time for listings in the UK.
Two other companies today added themselves to the country’s IPO pipeline, but low-cost airline Wizz Air also became the latest group to scrap listing plans because of turbulent market conditions.
The improving economic outlook has prompted a surge of pent up investor interest in public markets, however, a number of new listings have recently been trading below their float price as they fall victim to the oversupply.
Global Invacom, which supplies satellite and television peripheral equipment to companies such as UK DTH group BSkyB, first announced its secondary listing plans in February.
It was listed on the Singapore Stock Exchange back in 2012 after a US$49m reverse takeover from Radiance Group, the Singaporean electronics manufacturing services provider.
The companies said at the time that the deal would help them expand into new markets in Asia, as well as the marine satcoms sector.
In 2013 Global Invacom bought British satellite antenna maker Raven Manufacturing for around US$3.18m to expand its European capabilities.
Mirabaud Securities is also working on the London listing as a joint broker.
