Imperial Innovation plans to raise $145m by placing new ordinary shares to London's alternative stock exchange Aim.
Imperial Innovations, the UK-based investment firm set up by Imperial College London, has announced plans to raise £100m ($145m) by placing new shares on London’s alternative stock exchange, Aim.
Imperial Innovations invests in spinouts from the so-called Golden Triangle, the geographical region bounded by London, Cambridge and Oxford. The firm acts as the tech transfer office of Imperial College and several NHS Trusts linked to the university, and also invests in Cambridge University and University College London.
The firm proposes raising the £100m by the placing of 23,529,412 new ordinary shares at a pricing of 425p each.
Shares representing £90m of the gross proceeds were admitted to trading on Aim earlier this week. The issuance of remaining shares is conditional on regulatory approval and is expected to take place on or before May 31 2016.
The estimated net proceeds of the placing are £96.9m.
Martin Knight, chairman of Imperial Innovations, said: “The directors believe that there are significant opportunities available to the group to invest in existing and new portfolio companies across its target investment areas, and to seek to further accelerate the growth of the group and to enhance returns to shareholders.”
