essensys PLC (LON:ESYS) notched up a tidy premium on Wednesday as shares in the flexible workspace management software provider made their debt on AIM following an oversubscribed placing.
The firm said City broker N+1 Singer had successfully placed around 18.5mln new and existing ordinary shares at a price of 151p each, with the stock trading at 172.50p in late morning trading.
READ: Trainline confirms plans for stock market listing in London
The leading provider of mission-critical software-as-a-service (SaaS) platforms and on-demand cloud services to the high growth flexible workspace industry raised gross proceeds of £28mln from the placing, split on a 50/50 basis between the company and selling shareholders.
Based on the 151p placing price, essensys had an initial market capitalisation of approximately £72.6mln.
Mark Furness, CEO of essensys, commented: “The positive reception we have received from investors has been hugely encouraging, and serves as an endorsement of the strength of the business we have built as well as the significant long-term opportunities that lie ahead of us as a UK-listed company with global ambition.”
The group's technology “allows operators to deliver a range of differentiated flexible and customer-specific services to a broad base of tenants across multiple locations and helps operators to manage the cost, operational and technological challenges they typically encounter.”
Essensys said its two SaaS platforms, Connect and Operate, address these complex operational challenges, and reduce costs by simplifying the day-to-day management of flexible workspaces.