Zopa backer Augmentum Fintech has raised £55m through a new share issue, after the fintech investment trust was forced to increase the size of the issue due to overwhelming investor demand.
Yesterday, Augmentum revealed that it had increased the size of its issue from approximately £40m to £55m.
A total of 40,590,406 ordinary shares were issued at a price of 135.5p per share by way of the initial placing, open offer, offer for subscription and intermediaries offer.
Tim Levene, chief executive of Augmentum Fintech Management said that the success of the fundraise reflects increasing awareness amongst investors of the growing opportunity presented by fintech.
“This is especially the case given the step change seen in digital adoption as a result of the disruption caused by Covid which has benefited many of our portfolio companies, and which is a trend that looks set to continue,” Levene added.
“We look forward to supporting our current portfolio and capitalising on our qualified pipeline of new investment opportunities.”
“This is our third successful raise since our IPO in March 2018, and the board and I are pleased that the demand for the initial issue has significantly exceed both our original target of £40m and the maximum size of £55m,” said Neil England, chairman of Augmentum.
“I would like to thank our existing shareholders for their support and welcome the many new investors that have participated in this fundraise.”
Singer Capital Markets, formerly N+1 Singer, were one of the brokers on the deal.