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Skillcast Group PLC - London-based e-learning software and content - Plans initial public offering on the AIM market in London, starting trading on Wednesday next week. Skillcast says it has raised GBP3.5 million for the company from new shares at 37 pence each, giving it a GBP33.1 million initial market capitalisation, based on 89.5 million shares. Current shareholders also will bank GBP1.0 million from selling existing shares. Allenby Capital is the nominated adviser and broker for Skillcast.
The 20-year-old software firm operates from London and Malta and provides staff training to blue-chip companies such as Schroders PLC, Fresnillo PLC and British Land Co PLC. Annual recurring revenue from subscriptions was GBP5.1 million as of this past June. Skillcast is led by co-founders Vivek Dodd, Catriona Razic and Anthony Miller as chief executive officer, chief commercial officer and chief technical officer, respectively. Dodd will hold 59% of the company after the IPO, while Razic will have 5.5% and Miller 8.0%.
By Tom Waite; thomaslwaite@alliancenews.com
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