JTC raises £65.9m from first market placing since IPO

Posted: 30/04/2021

BL63_NigelLeQuesne2Fund, corporate and private client services provider JTC has raised £65.9m from its first capital markets placing since the group listed on the London Stock Exchange in 2018. 

The placing resulted in strong demand from institutional investors. It follows the publication of the company's full-year results for 2020, which reported a 15.9% increase in total revenue to £115.1m and a 9.4% rise in underlying EBITDA to £38.7m.

JTC says the money raised will be used to fund a pipeline of near-term acquisition opportunities, as well as to maintain a strong balance sheet. 

The group has made 23 acquisitions over the past 10 years, 10 of which have been since the business listed in 2018. 

A total of 10,626,078 shares have been placed at a price of 620p per share, a discount of 1.7% to the closing price on 29 April 2021. 

Nigel Le Quesne (pictured), Chief Executive Officer of JTC, commented: “As we begin our latest five-year business plan cycle, the proceeds will allow the group to capitalise on near-term acquisition opportunities with certainty of funding, and to continue to deliver on our approach to inorganic growth in a consolidating sector.”

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