LONDON (Alliance News) - FAIRFX Group PLC Tuesday made its debut on the London Stock Exchange's AIM market, following the pricing of its initial public offering, with the funds raised to go primarily towards funding its marketing programme and expanding the products it offers and is currently developing.
FAIRFX shares were Tuesday quoted at 46.0 pence, ahead of their 45 pence placing price.
In a statement, the low-cost multi-currency payments provider said it raised about GBP2.6 million before expenses through a placing of 5.7 million new shares. With 67.8 million shares in issue, the company's market capitalisation at the IPO price was about GBP30.5 million.
"We are delighted to have successfully listed on the London Stock Exchange and pleased with the level of support received from investors who recognise the growth potential for FAIRFX. Our decision to become a public company will allow us to enhance our profile and credibility and provide us with access to funding for our aggressive growth plans," Chief Executive Ian Strafford-Taylor said in a statement.
FAIRFX said its gross profit grew to GBP2.8 million in 2013 from GBP2.1 million in 2012, as revenue increased to GBP322.4 million from GBP221.0 million.
Cenkos Securities PLC is acting as nominated adviser and broker to the company.
Separately, Urban Exposure Real Estate PLC Tuesday pulled its plans to float in London due to the "prevailing IPO backdrop", making the closed-ended investment company the latest in a string of companies to have decided against proceeding with stated intentions to go public.