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LONDON (Alliance News) - Rare antiquarian book dealer Scholium Group PLC Monday said it has successfully raised GBP8 million in its initial public offering, having priced its shares at 100 pence each, giving it a market capitalisation of GBP13.2 million.
The dealer in rare and antiquarian books is the newest addition to London's AIM market from the retail sector.
In an exclusive interview with Alliance News in early March, the company said it was planning to raise up to GBP10 million in the IPO, funds it would use to increase its stock, develop the business, and set up a new trading division that will branch out into the wider rare and collectibles market.
Chief Executive Phillip Blackwell told Alliance News at the time that he wants to grow the business organically and through further acquisitions, having founded the company in 2009 and already built it up through three acquisitions.
"We want to accelerate the growth and profitability of the rare books business. It has high growth potential, but it is very working capital intensive," he told Alliance News before its IPO.
Scholium said Monday that dealings are expected to commence on AIM at 8.00 am on March 28.
WH Ireland is acting as nominated adviser and Whitman Howard is acting as the company's broker.
"Being traded on AIM with supportive shareholders creates an excellent platform to expand our existing trade in rare books and works on paper. It will also allow us to extend our activities trading alongside reputable dealers in the more general rare and collectibles market," Blackwell said in a statement.
Scholium's IPO was one of three new issues to take place Monday, as the recent pickup in London IPOs continued unabated.
Horizon Discovery Group PLC, the life sciences company that supplies research tools for genomics research and the development of "personalised" medicines, Monday said it raised GBP68.6 million in its flotation on AIM having priced its offering at 180 pence a share.
In a statement, the company said it will have an initial market capitalisation of GBP120.5 million when it starts trading on Thursday.
"We are very excited by the enthusiasm shown by over 60 incoming investors and the significant oversubscription for the placing at the top of our target valuation range," Horizon Chief Executive Darrin Disley said in a statement.
"Horizon's aim is to become a global market-leader in the provision of Life Science research tools that enable the elucidation of the genetic basis of disease and the development of personalised medicines that deliver better outcomes for patients," Disley said.
Meanwhile, Nimrod Sea Assets Ltd started trading on the London Stock Exchange's Specialist Fund Market Monday as 130 million shares were issued at USD1.00 each. The company's investment objective is to invest in vehicles which acquire, charter and sell marine assets associated with the offshore oil and gas industry. It expects to have eight to ten investments in the North Sea or South East Asia within 18 to 24 months.
Buttons and buckles supplier CA Sperati PLC Monday completed its move from the LSE main market to AIM. It had said its size made it more suited to London's junior market.
"The board, advisors and I have worked hard to bring CA Sperati to AIM where it belongs, and will be able to thrive. The business has been trading for over 150 years and now we look forward to working with Jonathan Rowland and all the shareholders to create significant value and build our business through acquisitions and organic growth," CA Sperati Chairman Jason Drummond said in a statement.
Gulf Marine Services, which undertook its IPO March 14, Monday said that stabilising manager Bank of America Merrill Lynch has exercised the over-allotment option on the offering, which comprised a further 9.6 million shares at the offer price of 135 pence each.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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