(Alliance News) - Investment Evolution Credit PLC on Thursday said its shares began trading on Aquis Stock Exchange in London as part of its initial public offering, which raised around GBP508,000.
The financial services firm, which specialises in online consumer loans, said the total number of shares being admitted was 15.0 million, with each share priced at 4.50 pence.
Shares were untraded by late afternoon on its first day trading.
Investment Evolution Credit said it plans to use the net proceeds towards continued growth of its US consumer loan portfolio.
This is alongside executing its UK business plan, including application to the Financial Conduct Authority for authorisation to provide consumer loans in the UK.
Investment Evolution also said it would use some of the proceeds towards working capital for the group to accelerate growth.
"The Aquis Stock Exchange Growth Market listing is a significant milestone for Investment Evolution Credit PLC, allowing us to expand our operations and reach a larger pool of investors. We believe that AQSE offers a great opportunity for the company to gain international recognition and to continue our growth trajectory in the consumer lending market," said Chief Executive Officer & Executive Chair Paul Mathieson.
"By leveraging our technological expertise, innovative lending platform, and commitment to customer satisfaction, we are well-positioned to capture the growth opportunities in both the UK and US consumer lending markets."
By Greg Rosenvinge, Alliance News senior reporter
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