Instem takes AIM and £9.15m
Instem Life Sciences has announced plans to trade its shares on AIM and raise £9.15m in a placement. The Staffordshire company will place 5.2m new shares at 175 pence per share.
Once admitted to AIM, the healthcare IT application developer will have a market capitalisation of £20.5m. It currently employs 102 people in eight worldwide locations.
Phil Reason, CEO of Instem, said: "With fiscal and regulatory pressures driving the need for our solutions, we believe we now have a strong platform from which to achieve accelerated growth through the entry into complementary markets and geographies.
"The Initial Public Offering will play a key part in helping us achieve these goals, raising our profile and providing access to the capital markets as we seek to further our growth through acquisitions."
The company's revenue has increased by a compound annual growth rate of approximately 10 per cent over the last five years to £9.8m in 2009.
Instem was advised by Brewin Dolphin and Rickitt Mitchell on the placement.
