NFT Investments doubles IPO target amid surge in demand

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NFT Investments PLC said it doubled the size of its initial public offering (IPO) to £20mln, a record target for a company listing on the Aquis Stock Exchange Growth Market.

The firm, which specialises in investments in non-fungible tokens (NFTs), said the increased target follows “strong investor interest” in its planned share placing and listing, which were originally announced last week.

READ: Argo Blockchain founders plan NFT investment vehicle IPO

The company, which is being launched by the co-founder of LSE-listed crypto miner Argo Blockchain PLC (LON:ARB), is aiming to issue 400mln new shares through a placing at a price of 5p each, which it expects will give it a market cap of £35mln at flotation.

The IPO will make the company the first listed investment firm focused exclusively on NFTs, which over the last few months have attracted a flurry of interest with some selling for millions of dollars at auction.

“We are very encouraged by the strong interest from a wide range of investors who clearly wish to gain early exposure to the fast-growing market for NFTs, which we believe offers a considerable long term growth opportunity, just as the cryptocurrency sector has so far. We are thrilled to be able to offer a broker option to democratize access to this hard-to-reach market”, the firm’s executive chairman Jonathan Bixby said in a statement.

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