London Stock Exchange welcomes Immotion Group to AIM
London Stock Exchange has welcomed UK-based virtual reality (VR) business Immotion Group onto its AIM market today. The Manchester-headquartered company, which will be trading under the ticker symbol IMMO, has raised almost £6m through the placing of 57,500,000 new Ordinary Shares at 10p per share, in a significantly oversubscribed placing through WH Ireland Ltd and Shard Capital Partners LLP.
The funds will be used to implement Immotion Group's strategy to become a leading participant in the 'Out of Home' VR experience market by creating and publishing high quality VR content and combining it with its VR motion platforms to create truly immersive experiences. Immotion generates revenues through the delivery of high quality "state of the art" VR experiences, combined with cutting edge motion platforms to consumers at an affordable price point through a range of routes.
The company was co-founded by Martin Higginson and David Marks, two highly experienced technology and media entrepreneurs, with Sir Robin Miller as Chairman.
Martin Higginson, Chief Executive Officer of Immotion Group, said:
"In combining award-winning storytelling, CGI production and precise motion synchronisation, Immotion Group can deliver experiences that are not easily replicable in the 'in home' market. We have already experienced a very positive reaction from consumers, many of whom are trying VR for the first time, and from business partners who see the strong potential for our VR platforms to provide a new revenue opportunity.
"The five star reviews received from our retail customers, along with the early sales of motion platforms and a successful launch experienced by our Concession Partner, Merlin Entertainments' Lego Discovery Center in Boston, have given us confidence in the market and our strategy to deliver on the opportunity. We believe that this IPO will enable us to build momentum and achieve our goal to build the business across the UK, Europe and USA in what is an exciting, fast growing market."