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IPOs roll on as Auction Technology sets price, 4basebio UK Societas starts trading

Auction Technology Group plc (ATG) has announced the price of its IPO will be 600p per share, and expects to start trading on February 26.

The offer price values the online auction platforms group, which owns the Auction Trade Gazette and websites such as the BBC’s Bargain Hunt and, at £600mln.

READ: Auction Technology Group next off London’s IPO rank

Funds and accounts managed by Blackrock have entered into a cornerstone agreement with the firm and certain existing shareholders to subscribe for and purchase £25mln of the shares at the offer price.

This will take the aggregate commitment from cornerstone investors to £125mln, including £45mln from Merian Global Investors and Jupiter Asset Management, £35mln from Caledonia, £20mln from Capital World Investors and £25mln from Blackrock.

Money raised during the IPO will pay off £130mln of preference shares with a further £120 earmarked for float costs and debt reduction.

Following admission, the total offer shares of up to 45.5mln will represent 45.5% of the total issued capital of 100mln shares.

An over-allotment option of 10% of the total offer size will be made available by some existing shareholders.

In February’s lively market for IPOs, 4basebio UK Societas (LON:4BB) also started trading on AIM on Wednesday.

The specialist life sciences group, which exploits its intellectual property in the field of gene therapies and DNA vaccines, will have 12mln shares in issue and a market capitalisation of £14.5mln.

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