British satellite equipment maker Global Invacom raised £11.8m (US$20.3m) before expenses today in an oversubscribed listing on UK junior stock market AIM.
The company, which is already listed in Singapore, received £8.8m (US$15m) from the move and…
British satellite equipment maker Global Invacom raised £11.8m (US$20.3m) before expenses today in an oversubscribed listing on UK junior stock market AIM.
The company, which is already listed in Singapore, received £8.8m (US$15m) from the move and the rest went to existing investors selling their shares.
Global Invacom sold a total 44.6 million new ordinary shares at 19.75p (US$0.34) each, representing around a fifth of its existing share capital. The company had earlier said it would offer them at between 16.37p (US$0.28) and 28p (US$0.48).
Tony Taylor, Global Invacom’s executive chairman, said: “We are delighted to have achieved a listing on AIM and in the process attracted high quality new institutional shareholders.
“Given Global Invacom’s British technology heritage, we believe the AIM listing will enable us to further enhance our UK and international profile. Global Invacom is moving into an exciting phase and is well positioned to capitalise on the commercial opportunities it has identified in both its established and growth markets.”
The group is considering using the proceeds for M&A opportunities as it looks to expand across the European and North American satcoms markets.
FinnCap was its financial adviser for the secondary listing and also acted as joint broker with Mirabaud Securities.
Founded in 2008, the group was listed on the Singapore Stock Exchange four years later in 2012 after a US$49m reverse takeover from Radiance Group, the Singaporean electronics manufacturing services provider.
Global Invacom supplies satellite and TV peripheral equipment to companies such as UK DTH provider BSkyB, and satellite broadcaster Dish and fleet operator Echostar in the US.
