London Stock Exchange is pleased to welcome Focusrite plc
London Stock Exchange is pleased to welcome Focusrite plc (“Focusrite”, the “Group” or the “Company”), to AIM. Focusrite was admitted to trading on AIM on 11 December 2014 (symbol TUNE).
Focusrite is a global music and audio products group supplying hardware and software products used by professional and amateur musicians, which enables the high quality production of music. The Group has two established and rapidly growing brands: Focusrite and Novation. The Focusrite brand makes audio interface and other products for audio recording musicians. The Novation brand allows its customers to make electronic music using synthesisers and computer-enabled technology.
The Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, United Kingdom with a marketing subsidiary in Los Angeles, United States and has over 140 employees.
Focusrite has raised £22.4 million (before expenses) by way of a placing of 17,806,984 ordinary shares at a price of 126 pence per share. On Admission, Focusrite will have 58,075,000 ordinary shares in issue. Based on the placing price, the market capitalisation of Focusrite on admission will be approximately £73.2 million. The Company is being advised by Panmure Gordon (UK) Limited, which is acting as Financial Adviser, Nominated Adviser and Broker.
Phil Dudderidge, Executive Chairman of Focusrite, said:
"We have built a strong position in our global markets over the last 25 years. The quality and breadth of our products, brand strength, experience of management and continued ability to successfully exploit market trends has enabled us to deliver consistent organic growth and profitability.”
"An IPO is the next logical step in the Group's growth strategy as we seek to grow our market share further. I look forward to continuing my journey with Focusrite, working with the Board, management and shareholders."