ONDON (Alliance News) – Galasys PLC, which provides ticketing technology and management services to the amusement park industry in Asia, saw its shares rise in early trade Monday after its initial public offering on the AIM market in London. The company’s shares were trading at 24.50 pence in early dealings, after the company raised GBP3.1 million before expenses by placing nearly 13.9 million shares at 22.5 pence each in the IPO. The placing price gave it an initial market capitalisation of GBP14.97 million.
Galasys is going to use the proceeds of the IPO to fund its expansion into new markets and in developing new products and services. Arden Partners acted as nominated advisor and joint broker, while Optiva Securities Ltd acted as joint broker. Netrove Strategic Corp was financial advisor to the company. “I believe that, given the rising affluence and economic growth in Asia, we are well placed to capitalise on our current leading market position in the key lifestyle segment of amusement and theme parks in Asia and I believe an IPO is the right strategy to support our continued development,” Galasys Chief Executive Sean Seah said in a statement.
The company has been operating since 2005 and supplies services to 13 of the 20 most visited theme parks and 15 of the top 20 water parks in China. It also has customers in Malaysia. The UK is one of its target markets for expansion.
(Source: http://www.lse.co.uk/AllNews.asp?code=lob6c9fy&headline=Galasys_Shares_Up_In_Early_Dealings_After_AIM_IPO, 12 May 2014)
