Fadel Partners Inc has confirmed it plans to raise £7.5mln in its initial public offering (IPO) on the AIM market in London set for this Thursday, April 6, 2023, having been originally planned for late March.
The New York-based developer of media rights and royalty management software plans to offer 19,968,003 common shares at an issue price of 1.44p each, and expects a market capitalisation of £28.8mln on admission, with 19.7% of its total shares to be in public hands.
The company is led by chief executive officer, Tarek Fadel, who owns about 22% of pre-admission shares, while his brother Ziad Fadel owns about 14%, and the Fadel family trusts own 5.1%. They will own 16.5%, 10% and 3.8%, respectively, after the IPO.
Impact Fund by MEVP Holding SAL owns 40% currently and will own 29% after the IPO.
Fadel operates mostly in the US but also has operations in the UK, Lebanon, France, Canada and India. It provides two cloud-based services: IPM Suite for rights and royalty management, and Brand Vision for brand compliance and monitoring.