(Alliance News) - London-based venture capital firm Forward Partners Group PLC on Tuesday unveiled the details for its London initial public offering, pricing the float at 100 pence each.
The firm, backed by Blackrock Inc, plans to float on London's AIM market.
Forward Partners will place 34.7 million shares at 100p each, and will place a separate 1.8 million shares, at the same price, through PrimaryBid.
In total, the firm is looking to raise gross proceeds of GBP36.5 million.
"The proceeds will principally be used to make future investments in line with the company's investing policy; to fund the lending activities of Forward Advances, the group's revenue-based financing business; and to provide working capital for the group's growth plans," Forward Partners said.
Based on the placing price, the company hopes to have a market capitalisation of about GBP134.6 million on admission.
Forward Partners has a portfolio of 46 equity investments. The company buys stakes in British startups in the e-commerce, marketplace or artificial intelligence industries. Portfolio companies include Cazoo, which is due to go public in New York at a USD7 billion valuation, and Breedr, a digital exchange for livestock.
As of March 31, the firm's net asset value was GBP103.0 million.
Nis Brisbourne, chief executive officer of Forward Partners, said: "It's fantastic to see the strong demand from both institutional and retail investors, who support our vision of democratising access to venture capital, and specifically high growth, UK based technology start-ups.
"Through our listing, which was oversubscribed, we can take a longer-term approach to building stronger businesses. That is essential to developing solutions to the world's problems and driving the UK's economic recovery post pandemic."
The London-based company was founded in 2013 by Nic Brisbourne, a former partner at venture capital firm Draper Esprit PLC.
Blackrock has committed to subscribe for GBP15 million of shares, while Draper Esprit will subscribe for GBP2 million.
New York-based investment management giant BlackRock will own just over 70% of Forward Partners on admission. Blackrock currently holds 82% of Forward Partners shares.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Molten Ventures (GROW)