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FX specialist Argentex to join AIM as Beckwith sells down stake

Argentex has conditionally raised £14mln of new money at 106p a share while the existing owners are selling a further £32.5mln worth of shares
Argentex carried out almost £11bn worth of transactions in its last financial year

Foreign exchange services provider Argentex PLC (LON:AGFX) will add to the handful of Aim listings this year when it joins the junior market later this month.

Founded in 2012, Argentex is majority-owned by property tycoon Sir John Beckwith’s Pacific Investments Group although its stake will be substantially reduced by a fund raise and share sale ahead of the placing.

Argentex has conditionally raised £14mln of new money at 106p a share while the existing owners are selling a further £32.5mln worth of shares.

Following these transactions, just shy of 44% of the shares will be in the public domain.

Argentex is following in the footsteps of Travelex owner, Finablr (LON:FIN), which listed on the main market in May although its share price has dropped from 175p to around 138p valuing it now at £980mln.

Argentex is much smaller than Finablr with an initial market value of £120mln, but has been growing rapidly.

Since it was founded, the business has been profitable every year with revenues rising by 43% compound over the past two years to £21.9mln.

Operating profits in the year to March 2019 were £9.4mln while the amount of currency it handled rose to £10.8bn from £7.9bn.

Harry Adams, Argentex's co-chief executive, said: “The IPO will help us build on our unbroken track record of delivering profitable growth by supporting increased trading capacity, enabling us to meet the growing demand for our services."

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