GlobalData PLC (AIM:DATA), the UK analytics and consultancy firm, saw its shares rise more than 10% in Thursday’s early deals as it announced plans to move up to London’s Main Market, from AIM.
The company says leaving the junior market for the big league will improve its corporate profile and broaden its investor base.
It has been on AIM since 2000 – and has undergone a number of transactions and name changes along the way – and, today has a market capitalisation of just over £1.7 billion.
"Our listing on AIM has been an important part of our growth journey to date,” said chief executive Mike Danson.
“In FY25, as we look to accelerate initiatives as part of our Growth Transformation Plan 2024-2026, it's the right time to announce our intention to move to the main market listing in London.
“We have clear ambitions to drive GlobalData forward and believe this move will enable us to access a wider pool of capital to support our growth ambitions and attract additional investors and customers."
At the same time, GlobalData said it will buy-back £50 million of its shares, expanding significantly upon its previous buy-back of £30 million. Investec will run the buy-back process, which is expected to be complete by the end of August.
Also, GlobalData chair Murray Legg is to extend his tenure for up to three additional years, subject to re-election by shareholders at April’s general meeting.
In London, the share was up 11% changing hands at 206p.