We are pleased to announce that Liberum has successfully raised £32m in connection with theAIM IPO of Aquis. The shares were admitted to trading on 14 June 2018.
Aquis operates a cash equities trading venue with a unique subscription-based pricing model. Members are charged a monthly subscription fee based on the number of trading messages submitted on average during the month. Aquis also licences out its technology and, from 1 July 2018, will charge market participants and data providers for its market data.
Founded by the former CEO of Chi-X Europe, Aquis commenced trading in 2013 and has since grown to reach a market share of c.2% of the overall pan-European market. It is well positioned for the new regulatory environment with MiFID II leading to more trade through ‘lit’ venues such as Aquis.
Liberum raised £12m of new money, introducing a number of high quality investors, and £20m of secondary capital, providing liquidity to selling shareholders, including the Warsaw Stock Exchange who sold down their 20% holding in full.
Following a successful management roadshow and bookbuild, Liberum priced the IPO at the middle of the indicated valuation range, resulting in a market capitalisation on admission of £73m.
Liberum acted as NOMAD and Sole Bookrunner on the IPO, and is retained as NOMAD and Sole Broker to the company post admission. This transaction follows on from a pre-IPO fundraise in 2016, where Liberum raised £5.4m.
Board – David Parsons
Investment Banking – Clayton Bush, Chris Clarke, Jill Li, Kane Collings
Research – Justin Bates, Jamie Donald
Sales – Oliver Baxendale, Julian Collett, Gerard O’Doherty, Lisa Tugwell, Steve Keeling, Mike Neish
Corporate Access – Marcio Remedios