Shares in Facilities by ADF PLC rose as much as 12% in early trade Wednesday as the company started trading on London’s junior AIM, implying a market capitalization of 42.3 million pounds ($57.2 million).
Shares at 0825 GMT were up 5.0 pence, or 10%, at 55.0 pence having hit 56.0 pence earlier in the session.
As part of its IPO, the provider of serviced production facilities to the U.K. film and high-end television industry has raised GBP15 million of new money via the placing of shares at 50 pence each. A further GBP3.4 million has been raised for selling shareholders via placing existing shares.
“The funds raised will further strengthen the company’s financial position in continuing to meet increasing demand and will also raise the company’s profile as a leading provider of premium facilities to the film and HETV industry,” Chairman John Richards said.
The company has ambitions to grow its revenue to GBP100 million. Revenue for the year ended Dec. 31, 2020 was GBP8.0 million.
Cenkos Securities PLC is the company’s nominated adviser, sole broker and bookrunner.