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(Correcting FRP's share price movement.)
(Alliance News) - FRP Advisory Group PLC began its first day of trading on London's junior AIM market on Friday.
The financial consultants raised a total of GBP80 million, from placing 100 million shares at 80 pence each.
The shares were trading up 3.9% at 83.16 pence each from its 80p per share IPO price on Friday at midday. The shares fell to an intraday low of 78p in morning trade, but have since recovered.
FRP said GBP20 million was raised through the placing of new shares, while GBP60 million was secured from selling existing shares.
FRP added the GBP20 million placing net proceeds will be used to "strengthen its balance sheet" and fund acquisitions.
On admission to AIM, FRP will have a market capitalisation of GBP190 million and 237.50 billion shares in admission.
Chief Executive Officer Geoff Rowley said: "We are delighted to commence trading on AIM, having received an excellent reception during our IPO. Today is a significant milestone for FRP Advisory and the next important step in our development as we continue to attract new talent and expand our profile, market share and office footprint.
"I would like to thank our new investors, colleagues and business partners for their ongoing support and look forward to working with them during the next phase of our growth journey."
Cenkos Securities PLC acted as the nominated advisor and sole bookrunner for the issue, FRP added.
By Paul McGowan; paulmcgowan@alliancenews.com
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