Samarkand Group PLC, a cross-border e-commerce and retail group, has hailed what it said was a “significantly oversubscribed” fundraising ahead of its planned admission to the Aquis stock exchange on March 22.
The company said it has raised gross proceeds of £17mln, scaled up from the initial target of £10mln to partially accommodate demand, from institutional and qualified investors at a price of 115p per share, which will give the company a market cap on admission at £59.4mln.
WATCH: Samarkand Group all set to list in London with 'vision to make Chinese ecommerce easy for brands'
Samarkand said the proceeds of the fundraising will be used primarily to further develop the functionality of its Nomad platform as well as expand its business development activities and make further strategic acquisitions.
"We're thrilled with the reaction that we've received and look forward to welcoming our new shareholders. This is a clear validation of our business model and I would like to thank our employees, customers, partners and existing shareholders for helping us to reach this exciting stage,” Samarkand chief executive David Hampstead said in a statement.
“Our upcoming flotation on the Aquis Stock Exchange is a hugely significant moment for Samarkand. The increased capital raise will enable us to invest across all aspects of the business and help us take full advantage of the market opportunity", he added.
Rogue Baron toasts Aquis listing
Samarkand will be following closely behind premium spirits firm Rogue Baron PLC (LON:SHNJ), which hailed its first day of dealing on the Aquis exchange on Friday.
The listing followed a successful fundraising in which the company raised £755,000 through the placing of around 10.8mln shares at 7p each, giving it a market cap of just over £6mln.
Rogue Baron said its float on the exchange is designed to raise the public profile of the company as well as provide new funds for its long-term growth strategy.
“Rogue Baron’s debut on the AQSE Growth Market is a major step forward in our corporate development and provides a strong foundation from which to execute our long-term growth strategy. We are delighted to have received such strong support from both institutional and retail shareholders, and look forward to providing regular updates on the exciting progress we expect in the Rogue Baron story,” chief executive Ryan Dolder said in a statement.
Rogue Baron shares were trading at around 8p in early deals.