LONDON (Alliance News) - Shares in digital marketing company Matomy Media Group Ltd rose in early conditional dealings Tuesday after its delayed initial public offering on the London main market, while North Sea oil and gas operator Nordic Energy PLC added itself to the AIM market IPO pipeline.
Israel-based Matomy had first said it intended to float on the London Stock Exchange back in March, but in April said it had decided to postpone after it realised it wouldn't be able to meet premium listing rules requiring that 25% of the shares in issue are held by investors within the European Economic area.
The company has now priced its IPO at 227 pence a share, giving it an initial market capitalisation of GBP203 million, but its shares had risen to 235 pence in early conditional dealings. Unconditional dealings are due to start July 11.
The company raised gross proceeds of about GBP41.0 million. A total of 18.1 million shares were offered in the IPO, or 20.2% of the enlarged share capital of the business. It has 89.3 million shares in issue in total. It didn't say what it will use the proceeds for.
"We were disappointed to have postponed our offer earlier in the year, but we are delighted to be announcing our offer price today with such strong investor support. We have continued to grow our business in the interim, including the recent successful acquisition of a majority ownership stake in the direct navigation Internet search company Team Internet," Chief Executive Ofer Druker said in a statement.
Nordic Energy, meanwhile, said it intends to list on AIM in the second half of 2014, moving from the ISDX Growth Market. The oil and gas exploration and production company operates in Denmark and Norway and the North Sea sectors of the Netherlands and UK.
"The board believes that admission to AIM will assist the company in attracting investors, improve liquidity in its shares and allow it to raise additional capital when required," it said in a statement.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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