Litigation Capital Management PLC (LON:LIT) put in a strong debut performance on AIM on Wednesday following a successful fundraising of approximately £20mln.
The Australia-founded group, a leading international provider of litigation financing solutions, saw its share price jump to 60p in conditional dealings this afternoon, just below a peak of 61.50p, having been placed at 52p each.
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That initial placing price gave the firm a market capitalisation of approximately £56.5mln.
The company said the placing proceeds will be used to fund its existing portfolio of litigation projects and for the deployment of further capital into new pipeline opportunities.
Patrick Moloney, Litigation Capital Management‘s CEO commented: “Today is a significant milestone for LCM with the completion of our successful listing on the AIM market.
“We will now look to enter the next phase of the Company’s development and being a London listed company positions us to fund an attractive, qualified pipeline of future projects and grow the business through the access to capital and a broadening of our shareholder base.”
He added: “Litigation financing is a growing alternative asset class uncorrelated with economic cycles, and we believe that we are now well-positioned to take advantage of the increasing number of opportunities across the sector globally.”