LONDON (Alliance News) - Myanmar-focused mobile services company MySQUAR Ltd and finance company Orchard Funding Group PLC started trading on AIM Wednesday, whilst security software company Sophos Group PLC's entire share capital began full trading on the London Stock Exchange's main market.
Sophos began conditional dealings last Friday, raising USD125 million in its initial public offering of 156.5 million shares at 225 pence each. Shares in Sophos were up 4.0% at 243.40 pence Wednesday morning. The company has market capitalisation of GBP1.01 billion, making it one of the biggest recent technology IPO in London.
Orchard Funding works in the insurance premium finance and professional fee funding market. It raised GBP10.0 million at a placing price of 96 pence per share, giving it a market capitalisation of GBP20.5 million on admission. Shares in Orchard were up 4.2% at 100 pence Wednesday morning.
Panmure Gordon (UK) Ltd is acting as the company's nominated adviser and broker.
"Orchard Funding Group is delighted to be joining AIM. The new capital raised will enable the business to grow to its full potential and become a leading lender in the insurance premium finance and professions finance market," said Chief Executive Officer Ravi Takhar in a statement.
MySQUAR raised GBP1.67 million in the placing of 16.8 million new shares at 10 pence each, giving the company a market capitalisation of GBP18.5 million on admission. Shares in the company were down 2.5% at 9.75 pence Wednesday morning.
SP Angel Corporate Finance LLP is acting as nominated adviser to MySQUAR and Beaufort Securities Ltd is acting as broker.
"We are delighted to be able to join London's AIM market. MySQUAR's vision is to connect the people of Myanmar after almost 50 years of isolation. The company sees its mission as inspiring creativity, entertainment and a better standard of living in Myanmar by offering world class consumer technology solutions," said Chief Executive Officer Eric Schaer in a statement.
In a statement published later on Thursday, AIM-listed investing company Teathers Financial PLC said it has acquired a 0.3% stake in MySQUAR in its float, investing GBP50,000 in the company.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Orchard Funding (ORCH)