London-based cross-border payment service provider Earthport Plc conditionally issued 125 million placing shares, raising gross proceeds before expenses of £25 million.

Placed at 20 pence apiece, the shares roughly translate to 20.4% of the company's enlarged issued ordinary share capital. The offering was oversubscribed, although Oppenheimer Funds will be able to maintain its 18.2% stake in the company by subscribing for 22,750,000 placing shares.

Trading of shares will commence on the London Stock Exchange's AIM on Oct. 24.