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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

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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."

Quick facts: Argentex

Price: 172 GBX

AIM:AGFX
Market: AIM
Market Cap: £194.72 m
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