(Alliance News) - Made Tech Group PLC said its shares have started trading on London's AIM market on Thursday after it had raised GBP85.4 million in its initial public offering.
The oversubscribed fundraising raised gross proceeds of GBP15.0 million for the company, and GBP70.4 million for selling shareholders.
Upon admission, Made Tech will had a market capitalisation of GPB180.7 million at a placing price of 122 pence per share. The stock was trading at 145p, up 19% from the IPO price in late morning on Thursday.
Made Tech provides services that enable central government, healthcare, and local government organisations to "digitally transform". Current projects include delivering and operating the multichannel digital tax platform, supporting the Ministry of Justice to modernise the technology within the prison estate, and working with DVLA to digitally transform services such as the UK provisional driving licence system.
The London-based company said the placing and admission will enable it to execute its growth plans, further enhance its profile with existing and potential customers and assist with the recruitment, retention and incentivisation of existing and future employees.
"Becoming a publicly listed company will raise the profile of Made Tech, and enhance our ability to serve our existing clients across UK government. In addition, it will support the next stage of our development as we seek to diversify our offer to customers, open new offices across the UK and hire senior business leaders to drive our expansion," said Chief Executive Rory MacDonald.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Made Tech (MTEC)