(Alliance News) - Admiral Acquisition Ltd on Wednesday said it has raised USD550.0 million ahead of its London initial public offering.
It said that the USD550.0 million consists of USD539.5 million raised through the placing of shares priced at USD10.00 each, and a further USD10.5 million through the subscription of founder preferred shares.
Admiral Acquisition is a British Virgin Islands company. It was founded to pursue its objective of acquiring a target company or business. It noted that its efforts in identifying a prospective target business will not be limited to a particular industry or geographic region.
"This offering will enable the company to pursue its objective of acquiring a target company or business," Admiral Acquisition explained.
"There is no specific expected target value for the acquisition and the company expects that any funds not used for the acquisition will be used for future acquisitions, internal or external growth and expansion, purchase of outstanding debt and/or working capital in relation to the acquired company or business."
The company's shares will be dealt under the ticker 'ADMR'. It is expected that the shares will become effective on the London Stock Exchange's main market on Monday next week.
By Sophie Rose, Alliance News reporter
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Admiral Acq (ADMR)