‘In-video’ advertising tech firm Mirriad Advertising PLC is set to join the junior market before Christmas after successfully pricing its IPO.
The company – which counts tech investor IP Group Plc (LON:IPO) as its biggest shareholder with a 27.2% stake – is selling shares at 62p a piece to raise £26.2mln ahead of its AIM debut on December 19.
That will give Mirriad a market capitalisation of around £63.2mln, although some City sources had previously suggested it could be worth as much as £100mln according to the Evening Standard.
"We are delighted to announce the pricing of Mirriad's imminent admission to AIM,” said chief executive Mark Popkiewicz.
Milestone
“This is an important milestone for the group. Our proprietary technology, blue-chip customer relationships and operational momentum ensures we are ideally-placed to grow rapidly and drive returns for all stakeholders.”
The firm was set up back in 2008 and has developed a 3D technology which allows branded products and logos to be superimposed onto video in post-production.
Experts reckon the technology could spell the end for the traditional ad break, with viewers generally more responsive to in-programme ads rather than shutting off during commercials.