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IMImobile closes 11.3% up on London AIM’s debut; £63.15M market cap

Mobile VAS provider IMImobile closed at 133.50 pence per share on the day it made its debut on London’s AIM exchange, up 11.25% from its issue price of 120 pence per share. During the day, it went up to a peak of 133.50 pence per share, up 11.25% from the issue price and a low of 121.50 pence, marginally higher than the issue price. IMImobile had filed for a IPO on London Stock Exchange's sub-market AIM (Alternative Investment Market) earlier this month. Through this IPO, the company raised £30 million (before expenses), by issuing 25 million ordinary shares of 10 pence each at an issue price of 120 pence per share. This represented for 53% of the company’s total issued share capital. At 133.50 pence per share, the company is valued at £63.15 million, up from its pre-IPO market cap of £56.7 million. However, note that the value of the holding will change with market fluctuations. Spark Ventures sells 20% stake: One of IMImobile investors SPARK Ventures has also sold 20% of its holding in IMImobile at the issue price to raise around £3.2 million. Post IPO, the company will own 17% stake in IMImobile, valued at around £12.9 million at the IPO price. Use of Proceeds After deducting underwriting discounts and other expenses, IMImobile gets around £27 million from the offering. Of this, the company plans to use around £20 million to fulfill its obligations to pay cash for acquiring 34% stake in IMI Mobile India pursuant to the acquisition agreements and for the cash payable by IMI Mobile India for the surrender of options over its…

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