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UK's Aquis Exchange prices IPO at 269 pence per share

London-based Aquis Exchange Ltd. priced its initial public offering at 269 pence per share and is set to begin trading on the London Stock Exchange's Alternative Investment Market on June 14.

The share trading venue said it will place 4,460,967 new and 7,456,014 existing ordinary shares at a price of 269 pence per share to raise £32.1 million in the IPO.

Aquis has conditionally raised £12 million, before expenses, pursuant to the placing. Selling shareholders, including the Warsaw Stock Exchange, or Gielda Papierów Wartosciowych w Warszawie SA, will receive about £20.1 million. The Warsaw Stock Exchange owns a 20.31% stake in Aquis.

Aquis will use the funds to increase investments in sales and marketing to grow membership on the exchange; invest in new technologies; accelerate its software licensing capabilities; cover the costs of its admission to the AIM; maintain governance standards; and cover general working capital expenses.

When admitted to the AIM, the company will have 27,149,559 ordinary shares in issue and a free float of about 84%.

Liberum Capital Ltd. is serving as sole book runner, nominated adviser and sole corporate broker in relation to the placing.