Travers Smith LLP has advised TruFin plc, the FinTech and banking business, on its £185 million IPO and admission to AIM.
TruFin plc successfully conducted a conditional placing and subscription of Ordinary Shares to raise gross proceeds of approximately £70 million.
TruFin plc is the holding company of an operating group comprising three growth-focused FinTech and banking businesses, Distribution Finance Capital, Satago and Oxygen Finance, operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. In addition, TruFin owns a c.15% minority stake in Zopa, a leading UK consumer P2P lender.
The IPO will allow TruFin plc to provide further capital to its subsidiaries and scale faster, pursue new strategic acquisitions and take advantage of any developments in the current financial services market.
Commencement of trading on AIM is scheduled for 21 February 2018.
Macquarie Capital (Europe) Limited acted as Global Coordinator and Sole Bookrunner, and was advised by Stephenson Harwood LLP.