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(Alliance News) - Parsley Box Group PLC on Friday said it plans to raise GBP17 million in its initial public offering on London's AIM junior market.
The Edinburgh-based company markets its ready meals to the "baby boomer" generation, born after the World War Two and broadly defined as those aged 60 and over.
Parsley said its float will consist of 8.5 million shares sold at 200 pence each either through a placing, a direct subscription, or a customer offer. The company added that 6.0 million of the stock will be existing shares and 2.5 million new shares will be placed. This will net Parsley GBP5 million and existing shareholders GBP12 million.
"The company's net proceeds will be used to accelerate its growth plans primarily through investment in marketing spend with the aim of becoming a household name in a currently underserved market," Parsley said.
finnCap Ltd acted as the nomad and broker.
Parsley initially outlined plans to float earlier in March. Its ambient ready meals do not need to be stored in a fridge or freezer.
Shares in the company will begin AIM trading on Wednesday.
A series of venture capital trusts, and existing investors in Parsley, noted Friday's announcement.
Income & Growth VCT PLC, Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC and Mobeus Income & Growth 4 VCT PLC all expect the value of their holding in Parsley to increase.
It has been a busy year so far for IPOs on AIM. Seattle, Washington-based video games publisher tinyBuild Inc, consumer goods firm Supreme PLC, and fashion brand In The Style Group PLC are among those to have floated on AIM so far in 2021.
By Eric Cunha; ericcunha@alliancenews.com
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