LONDON (Alliance News) - Digital advertising company Crossrider PLC said Tuesday its shares have been admitted to AIM, following a GBP45.9 million initial public offering.
The company raised GBP45.9 million through the issue of 44.6 million new shares at a price of 103 pence per share, giving it a market capitalisation of around GBP152.9 million.
Shares in Crossrider are trading up 1.5% at 104.5 pence Tuesday afternoon.
The company will use the proceeds from the placing to increase traffic to its platforms, diversify its regional, client and ad network footprint, and continue to expand its data aggregation and analysis capabilities organically and through acquisitions. It also plans to grow its research and development spending, and increase its staff resources to support its expansion.
Shore Capital is acting as nominated adviser and broker to Crossrider.
Crossrider posted earnings of USD7.7 million in the first half of 2014 on revenues of USD29.3 million.
"We are delighted to have successfully completed our AIM admission. The interest in our business from high quality institutions and their subsequent demand for our shares is a strong endorsement of our strategy and service offering," said Chief Execuive Officer Koby Menachemi in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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