(Alliance News) - Shares in Forward Partners Group PLC initially climbed as they started trading on London's AIM market on Monday, before slipping back to its float price in afternoon trade.
The London-based venture capital firm raised GBP36.5 million in its initial public offering. Forward Partners issued 34.7 million shares at 100 pence each, and placed a separate 1.8 million shares, at the same price, through PrimaryBid.
The stock was quoted at 100.00p on Monday afternoon, flat on its IPO price. It did, however, hit an intraday high of 114p, up 14% from its IPO price.
Forward Partners has a market capitalisation of GBP134.6 million.
"We are thrilled to be listing in London, a global centre of technology, innovation and venture capital," said Chief Executive Nic Brisbourne.
"As a public company, we can now provide long term support to startups who are finding solutions to the challenges that we face, providing a critical engine of growth to turbocharge the UK's economic recovery."
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.
The firm, backed by Blackrock Inc, was founded in 2013 by Nic Brisbourne, a former partner at venture capital firm Draper Esprit PLC.
Blackrock subscribed for GBP15 million of shares, while Draper Esprit subscribed for GBP2 million before the IPO.
New York-based asset management giant BlackRock now owns just over 70% of Forward Partners, down from its previous stake of 82%.
By Will Paige; willpaige@alliancenews.com
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