LONDON - ATM operator Moneybox raised £21.8 million (U.S. $40 million) from selling new shares at 47 pence (U.S. 86 cents) each in its initial public offering on London's junior AIM market.
According to a Reuters report, existing shareholders raised a further £25.7 million (U.S. $47 million) from selling existing shares, including private equity firm Apax Partners, which sold all of its 29.6 percent stake.
(See related stories UK's Moneybox raises $85.4M ahead of flotation and Moneybox parent gets stock boost on decision to float ATM business)
By 12:30 p.m. on March 18, Moneybox shares were trading at 51 pence (93 cents), up nine percent from the issue price, to value the company at just over £100 million (U.S. $183 million).
Moneybox, which operates 2,500 ATMs in Britain and others in the Netherlands and Germany, said it would use £7.5 million (U.S. $13.7 million) of the proceeds for the cash part of its acquisition of G2, a developer and operator of ATM payment systems. Other funds could be useful for potential acquisitions, according to Paul Stanley, its chief executive.
Numis Securities was adviser to the IPO, according to Reuters.
According to a report in the Independent, three directors of Moneybox will share a £700,000 (U.S. $1.2 million) windfall.
Stanley will pocket £480,000 (U.S. $881,000), while Kevin Beerling, the finance director, and Kieron Abernethy, the operating officer, will each receive £100,000 (U.S. $183,000) as a one-time bonus. The payments were disclosed in Moneybox's prospectus.
Vincent Isaacs, whose Ambient group owns 60 percent of Moneybox, will own 7.24 per cent of the group, worth about £8 million (U.S. $14.6 million). Andrew Newbauer, whose G2 payment processing business is being acquired by Moneybox, will have a 10.2 per cent share, worth about £11 million (U.S. $20 million).
Most of the company's remaining equity is held by SNS, a Dutch bank, and Sandaire, the private equity group, according to the Independent.
