Ravenscroft has helped UK floor coverings distributor Likewise Group to list on the AIM market of the London Stock Exchange and raise £10m for growth.
At the placing price of 25 pence per share, Likewise’s market capitalisation was approximately £48.1m, and the value has risen since.
Likewise had been listed on The International Stock Exchange (TISE) since January 2019, with Ravenscroft acting as listing sponsor.
In the move to AIM, Ravenscroft has acted as joint broker with Zeus Capital in the placing of £10m of new shares – raising £4.5m from Ravenscroft clients – and will continue to be involved with Likewise as a consultant.
Jon Ravenscroft, Group CEO of Ravenscroft, said: "Having listed on TISE with a market capitalisation of £12m, Likewise has been able to take advantage of the benefits of being listed and this has led to them completing a number of acquisitions and raising additional funds.
"TISE is a fantastic enabler for companies wanting to raise capital but who are not yet suitable for AIM and we hope more companies will follow the same path."