Flotation nets 'delighted' Begbies £5m
Begbies Traynor has floated on the Alternative Investment Market today (Friday), raising £5.38m before expenses.
link: Begbies Traynor flotation date revealed
The UK’s biggest specialist insolvency and corporate recovery practice said it was ‘delighted’ with the result, despite having previously announced it expected to net up to £12m.
Market Capitalisation following the placing, at 40p per share, was put at £26m. By the middle of the day stocks were trading at 45p.
Ric Traynor, executive chairman, said: ‘We believe that our new status as the only publicly quoted insolvency and corporate rescue specialist will enhance our profile and help open the door to higher-value assignments.’
The flotation was originally pencilled in for July, but was rescheduled three times in order to accommodate the needs of key investors.
Traynor, who has a majority 55% stake in the company, is expected to net £14.3m.