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(Alliance News) - Itim Group Ltd on Tuesday said it is planning an initial public offering on London's AIM market to raise up to GBP12 million.
London-based Itim, founded in 1993, provides software for brick-and-mortar retailers looking to set up online, such as click-and-collect technology. The company serves more than 60 brands across 10 countries, including large UK retailers J Sainsbury PLC, JD Sports Fashion PLC, and WH Smith PLC.
Itim plans to go public around June 29. The valuation and share price are yet to be confirmed, but the company said it would raise between GBP10 million and GBP12 million through a placing with institutional investors. A separate announcement from AIM said Itim would sell up to GBP15 million in new and existing shares.
The company said it will use the money to fund its next stage of growth and "take advantage of the structural shifts" in the sector following the pandemic.
Chief Executive Ali Athar said: "We have enjoyed strong, consistent growth in recurring revenues. Underpinned by the strength of our customer proposition, and benefiting from market trends that we believe have accelerated as a result of the Covid-19 pandemic, we have a clear strategy to continue this growth over the coming years."
By Ivan Edwards; ivanedwards@alliancenews.com
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