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Rightster Shares Rise After AIM IPO, Just Retirement Prices Its IPO

Tue, 12th Nov 2013 11:01

LONDON (Alliance News) - On-demand video company Rightster Group PLC saw its shares rise 7% in early trading Tuesday, its first day of dealings as it listed on AIM, while annuity provider Just Retirement Group PLC priced its IPO on London's main market at 225 pence a share, giving it a value of GBP1.13 billion.

Cloud-based technology company Rightster, which helps customers get on-demand video content online and to the right audience including through its own YouTube channels, had raised about GBP20.4 million in a placing of 34.1 million shares at 60 pence each, while 116.4 million shares were listed on AIM, giving it a market capitalisation of about GBP69.8 million at the start of trade.

Its stock was up 7% at 75 pence Tuesday morning.

The company plans to use the funds to build out its network, fund research and development, and add content owners and publishers. It will also pay for acquisitions if the right ones are identified, having already started talks with some potential targets.

"We expect our growth to come from our focused investment in technology, and we are also in early discussions with a number of possible acquisitions that would accelerate growth through new clients, footprint, expertise and faster monetization," Chief Executive and founder Charles Muirhead said in a statement.

Just Retirement Group saw its shares fall 0.4% to 224 pence in early conditional trading. Unconditional trading is expected to start Friday.

The company's main shareholder, Avallux Sarl, will hold 62.4% of the company after it lists, falling to 57.8% if the over-allotment is taken up. Just Retirement expects gross proceeds for the sellers and the company to be GBP343.2 million, or GBP394.7 million if the over-allotment is taken up.

By Steve McGrath;; @SteveMcGrath1

Copyright © 2013 Alliance News Limited. All Rights Reserved.

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