Keystone Law IPO: Trading off to strong start for firm's AIM admission
PUBLISHED: 12:31 29 November 2017
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High demand saw share value rise by over 20% from 160p to 196p, in the first few hours of trading
Keystone Law became the third firm to float on the open market on Monday November 27 2017. Joining the AIM market of the London Stock Exchange, the firm was valued with a market cap of £50 million, following an oversubscribed £15 million fundraising.
High demand saw share value rise by over 20% from 160p to 196p, in the first few hours of trading.
The net proceeds of the placing will be used, primarily, to redeem the outstanding amount of the loan notes held by certain of Keystone’s existing shareholders. The firm intends to use the rest of the capital in order to support its growth strategy which will, in the short term, focus on organic growth. Meanwhile Keystone hopes to lend further credibility to its client and lawyer offering.
CEO and founder James Knight said:“After several months of intense work, I am delighted that Keystone has now started trading on AIM. It will be a welcome relief to get back to running the day to day business activities of the firm.