By Joe Hoppe
Amicorp FS (UK) said Monday that it expects share placings to raise around $16.2 million as part of its initial public offering on London’s junior AIM in early June.
The company–a business division of multinational company Amicorp Group–said there will be two placings, one of new ordinary shares and one of existing ordinary shares. The placings are expected to raise gross proceeds of up to $6.5 million and up to $9.7 million, respectively.
Shares are expected to be admitted to trading on June 8, with the offer price to be determined following a bookbuilding process. Net proceeds of around $5.7 million will be used for expenses and expansion.
The company is a specialist provider of fund administration services, regulatory reporting and fiduciary services, among others.
The IPO will help Amicorp FS scale up in terms of enhanced IT automation, expand its geographical reach and sales network and increase its service offerings, the company said.
Amicorp FS will continue to be supported post-offering by Amicorp Group, which will retain an 85.7% stake in the company.
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