LONDON (Alliance News) - IMImobile PLC and CDialogues PLC both saw their shares rise in early dealings after initial public offerings on AIM Friday, as energy technology company Intelligent Energy Holdings PLC added itself to the IPO pipeline for London's main market.
IMImobile Ltd is a London-based technology company which provides mobile communication software and services for businesses. It hit its target of raising GBP30 million in gross proceeds in its IPO, money it will use to drive internal growth and look at potential acquisitions.
A total of 25 million shares were issued at 120 pence each, and the stock had risen to 128 pence in early dealings.
In total, 47.3 million shares were admitted to AIM, a separate filing showed, meaning it had an initial market capitalisation of GBP56.7 million at the IPO price.
IMImobile, which employs 650 people around the world, posted revenue of GBP38.5 million in the year to end-March, 2013, and earnings before interest, tax, depreciation and amortisation of GBP6.1 million excluding impairments, acquisition and disposal costs, restructuring costs and share-based compensation.
It has clients in over 60 countries, including a "large number" of mobile operators and blue-chip companies, "typically on multi-year contracts providing a a high level of earnings visibility, with significant recurring or repeat revenues," it said in a statement.
In a separate statement, SPARK Ventures PLC said it had sold about 20% of its IMImobile stake in the IPO, raising net proceeds of about GBP3.2 million. It said its remaining stake of about 17% of IMImobile has a value of about GBP12.9 million at the IPO price. IMImobile is its largest investment.
The proceeds will be held in escrow for the pending completion of tax filings, SPARK said.
SPARK Advisory Partners Ltd acted as nominated adviser on the IPO, while WH Ireland Ltd and Whitman Howard Ltd are joint brokers to the company.
CDialogues, meanwhile, is a provider of specialised mobile marketing services to network operators in emerging markets, mainly the Middle East. Its provides the network operators with the ability to market directly to subscribers, through things like mobile content, competitions and offers, and its algorithms aim to maintain and increase subscriber numbers and average revenue per user.
It raised GBP1.25 million by placing 588,000 new shares at 212 pence each, money it will use to win new contracts, set up new regional offices, and invest in its technology equipment and platform.
The price gave it an initial market capitalisation of GBP13.23 million, but the stock was trading higher at 220 pence in early dealings.
Its revenue in the three months ended March 31 was EUR1.92 million, up from EUR0.76 million a year earlier, while earnings before interest, tax, depreciation and amortisation was EUR0.69 million, up from EUR0.22 million.
Intelligent Energy Holdings PLC said it intends to list on the main market in London on or around July 3, and it wants to raise a minimum of GBP40 million at 340 pence a share.
It said that as a result of its pre-marketing efforts, it has already received confirmations of indicative demand from institutional investors in respect of approximately GBP40 million, while Singapore sovereign wealth fund and existing shareholder GIC has exercised existing warrants to subscribe for shares to a value of GBP16.6 million.
Intelligent Energy has developed hydrogen fuel cell technologies, and is working with manufacturers to use its technologies in mass market products for the auto, consumer electronics and power generation sectors.
Chinese wooden doors and furniture maker Jiasen International Holdings Ltd, a supplier to Kingfisher PLC's home improvements retailer B&Q, also confirmed that it intends to list on AIM in the first half of July, and it expects to have an initial market capitalisation of GBP100 million.
An earlier AIM filing had a potential listing date of July 14, and said the company is aiming to raise GBP2 million in its IPO. About 78.5% of its shares will stay in private hands after the IPO, the filing had said.
Jiasen products include doors, wall panels, fitted wardrobes, cupboards and skirting boards. It mainly sells to property development projects through branded 'Fuyou' retail stores, and to export markets to retailers such as B&Q in the UK.
In 2013, it made revenue of CNY782. 8 million, or about GBP77.2 million, and net profit of CNY177.8 million, or about GBP17.5 million.
It is based in Quanzhou City, Fujian province, and employs more than 1,400 staff. It is China's biggest manufacturer of wooden doors.
"We have consistently delivered robust financial growth with strong cash flow coupled with a very strong brand and a wide distribution network. Our target market is the burgeoning middle class who have increasing disposable income and a desire to obtain an aspirational lifestyle which means a growing demand for the group's products. The developing trend towards semi-furnished properties means this is a very exciting time for the group as we look to increase production and drive our expansion programme in China," Chairman Weigang Chen said in a statement.
Another AIM filing Friday showed that Global Invacom Group Ltd, a Singapore-based holding company for a communications company, is set to list on AIM on July 2. The filing said the compay expects to raise GBP7.8 million through primary issuance and GBP3.0 million through secondary issuance, and it expects to have an initial market capitalisation of GBP55.7 million.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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