Mobile solutions provider iTouch has announced the completion of its bookbuilding ahead of its planned listing on the London Stock Exchange. The share will be offered at 70p, the company says, "in light of current market conditions".
iTouch will issue 70 million ordinary shares, giving it a market capitalisation of around lb200 million, with gross proceeds in the region of lb49 million.
The company said earlier in July that it expects a market capitalisation of lb325 million after the listing, and wanted to raise lb70 million after listing expenses.
The proceeds from the listing are to be used in the development of businesses in SA, Ireland, the UK, Australia, New Zealand and Israel. The company has Wireless Application Protocol (WAP) portals in some of these countries already, and says major expenditure areas will include building the brand and possible acquisitions.
At the close of the offer, Independent News & Media, owner of the local Independent newspapers, will hold an approximate 50%, co-founders Avi Azuali and Wayne Pitout will hold 20.8%, and APN News & Media will hold 4.1%.
Trade in the share is scheduled to start on 2 August.
iTouch provides interactive voice response, short message service and WAP services to consumers and corporates.
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