Forward Partners Group PLC (LON:FWD) is to list on AIM following the placing of just under 35mln new shares at 100p and the offering of 1.7mln additional shares on the Primary Bid platform.
Total money raised will amount to GBP36.5mln.
Forward is a London-based venture capital firm, specialising in supporting high growth, early-stage technology businesses.
The proceeds of the fundraising will principally be used to make future investments in line with the company’s investing policy, to fund the lending activities of Forward Advances, the group’s revenue-based financing business, and to provide working capital.
On admission, the portfolio will comprise 46 equity investments in early-stage, high growth UK companies, with an investing strategy focused on businesses with operating models that leverage eCommerce, marketplace and applied artificial intelligence technology.
Forward Partners has secured commitments in the placing from BlackRock and Draper Esprit of GBP15mln and GBP2mln respectively.
Admission and commencement of dealings on AIM are expected to take place on 19 July 2021.
“It’s fantastic to see the strong demand from both institutional and retail investors, who support our vision of democratising access to venture capital, and specifically high growth, UK based technology start-ups,” said Nis Brisbourne, chief executive of Forward Partners.
“Through our listing, which was oversubscribed, we can take a longer-term approach to building stronger businesses. That is essential to developing solutions to the world’s problems and driving the UK’s economic recovery post pandemic.”