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RA International set to join AIM in £100mln IPO at the end of June

Published: 08:36 18 Jun 2018 BST

bse camp in desert
RA was founded back in 2004 and now employs more than 1,600 people

Africa-focused remote site service provider RA International is set to join AIM at the end of the month.

RA, which builds and runs bases for oil and gas and mining companies as well as government agencies in remote locations, is looking to raise £18.8mln as part of the flotation, giving it an estimated market of just shy of £100mln.

The Dubai-headquartered group said it is looking to join the junior market to beef up its balance sheet and enter new territories.

“I am delighted to announce the proposed admission of RA International to AIM, which will position the company for the next phase of its development in the coming years as we look to capitalise on the exciting opportunities within our sector,” said chief executive Soraya Narfeldt.

“In particular, becoming a public company will provide an appropriate structure for the long-term development of the business and enable us to strengthen our team in order to deliver our services on a much larger scale and in new territories.”

Last year, RA turned a profit of US$13.7mln on revenue of US$53.3mln. As at 30 April 2018, the group had a contracted backlog of US$120mln.

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