itim Group PLC (LON:ITIM), a software as a service (SaaS) business, said it plans to raise £8mln in a placing when it floats on London’s Alternative Investment Market on June 28.
On admission, it will place 5.19mln new shares at a price of 154 pence per share with institutional and other investors, valuing the company at about £48.1mln.
The placing will raise gross proceeds of £8mln. Earlier this month, it said it was seeking to raise £10mln to £12mln in the initial public offering.
READ: itim Group eyes opportunity in post-pandemic retail as it launches London IPO
The company said it intends to use some of the net proceeds, together with some of its existing cash resources, to continue the development and refinement of its software which enables store-based retailers to compete with online rivals.
"We are delighted by the strong support we have received from institutional and other investors,” said itim chief executive Ali Athar. “We believe our admission to AIM will provide us with the platform to execute our exciting growth plans as we seek to gain market share as traditional retailers convert to omni-channel.”