The company, which is the first pure-play investment company focused exclusively on non-fungible tokens (NFTs) to launch on a stock market in a major jurisdiction worldwide, said it has been admitted to the Access segment of the market following a “substantially oversubscribed” share placing which raised £35mln, more than three times the amount initially planned, with an order book of demand in excess of £100mln.
The fundraising set a new record for money raised on the Aquis Exchange and was increased from its initial £10mln target due to what the firm said was “unprecedented investor demand”.
NFT said the proceeds of its initial public offering will be used to “identify and carry out due diligence on potential investments” and to provide working capital for its initial operations in line with its acquisition and investment strategy.
On admission, the company had just over 1bn shares in issue, giving it an initial market cap of around £50mln.
"NFT Investments' admission to the AQSE Growth Market marks a significant milestone for the non-fungible sector. Our record-breaking raise on AQSE provides a strong foundation on which the company can execute its long-term growth strategy and capitalise on its first-mover advantage,” executive chairman Jonathan Bixby said in a statement.
“We are delighted with the strong support we have received from a wide range of investors and our oversubscribed placing is a real endorsement of our investment plans in a promising market set for growth," he added.
In early deals, shares in the company were trading at around 8p, a 60% increase on its IPO price of 5p per share.
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