Jersey-based online gaming marketing firm XLMedia has revealed that it will raise approximately £41.8m on admission to London’s Alternative Investment Market, with shares in the company expected to begin trading on the exchange on Friday.
Founded in 2008, XLMedia attracts paying customers from different online channels and directs them to online gambling operators. It is headed up by CEO Ory Weihs and chaired by former Ladbrokes CEO Chris Bell.
The company said earlier this month that it would list on AIM as it looks to expand its presence in Scandinavia as well as focus on new opportunities including the nascent US market.
In an update to the London Stock Exchange yesterday, XLMedia confirmed that it will raise approximately £41.8m on admission through the placing of 18,330,686 existing ordinary shares and 67,026,152 new ordinary shares of US$0.000001 each in the company.
As a result, the anticipated market capitalisation of the company at admission will be approximately £92.9m.
Following the new placing, Webpals Enterprises Limited (in its capacity as general partner for Webpals Enterprises Limited Partnership) will own a 44.86 per cent share of the company, with Israeli VC Partners owning 10.11 per cent. They had previously owned 83.2 per cent and 16.8 per cent respectively in the business.
New investors include River & Mercantile Asset Management LLP (5.60 per cent), Slater Investments Limited (5.23 per cent), BlackRock Investment Management (UK) Limited (5.01 per cent), Miton Asset Management Limited (4.04 per cent), Investec Asset Management Limited (3.39 per cent), Inflection Point Investments LP (3.23 per cent), and Hargreave Hale Limited (3.10 per cent).