Amicorp FS (UK) PLC started trading on the London Main Market on Thursday, having raised $16.2 million for the company and existing shareholders in its initial public offering.

Amicorp FS (UK) is a financial services division of Hong Kong-based Amicorp Ltd that provides services to ‘start-up’ asset managers.

Amicorp FS (UK) raised $6.5 million for the company from the placing of 6.5 million shares at $1.0 per share and a further $9.7 million from a placing of existing shares.

At the IPO price, Amicorp FS (UK) has a market capitalisation of $120.0 million. A mid price of $1.50 per share was quoted on the LSE on Thursday at midday, but no trades were recorded.

Amicorp FS (UK) said its clients are mostly comprised of ‘start-up’’ asset managers with initial assets under management of between $10 million to $20 million.

Chief Executive Officer Kin Lai said: ‘We are delighted that AMIF is now listed and trading on the London Stock Exchange. The business has spent over 15 years establishing itself as the provider of a full suite of fund services across multiple jurisdictions and has built strong foundations for further growth.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.