London Stock Exchange welcomes FreeAgent to AIM
Following its successful IPO, FreeAgent Holdings plc, a provider of cloud-based Software-as-a-Service (“SaaS”) accounting software solutions and mobile applications designed specifically for UK micro-businesses, was today welcomed to London Stock Exchange to celebrate its admission to AIM.
FreeAgent provides micro businesses, defined as sole traders and companies with fewer than 10 employees and their accountants, with a dedicated SaaS solution that puts businesses in charge of their finances, allowing them to see the big picture and automatically generating their tax returns. FreeAgent caters for all of their business finance requirements, from time slips to tax returns and quality after-sales support.
With over 5 million micro-businesses in the UK, FreeAgent is well positioned to transition micro-businesses away from relying on spreadsheets to manage their finances to taking a more automated and digital approach to their accounting. FreeAgent’s software already helps 52,000 business owners, providing the Group with excellent revenue visibility.
The Company has successfully raised £10.7 million from institutional investors via a placing of 9,523,810 new ordinary shares raising gross proceeds of £8.0m for the Company, and 3,192,850 existing ordinary shares raising gross proceeds of £2.7m for the selling shareholders, in each case at a placing price of 84 pence per share. Upon Admission, the Company will have a market capitalisation of approximately £34.1m. The Company’s ordinary shares will trade under the symbol FREE.
FreeAgent was joined at the London Stock Exchange to mark the occasion by its advisers including N+1 Singer, Nominated Adviser and Broker to the Company, Maclay Murray & Spens LLP, Legal Advisers to the Company and FTI Consulting.
Today, Ed Molyneux, Chief Executive Officer of FreeAgent Holdings plc, commented:
“We are very pleased to have today been admitted to trading on AIM - this is a transformational event for FreeAgent. I am delighted by the interest shown in FreeAgent by investors, resulting in our successful placing, and equally delighted to welcome on board our new shareholders. Our entry to the AIM market is a positive step that marks the next phase of FreeAgent’s development as we progress our growth strategy. We look forward to our future as a quoted company with confidence.”