SSP has been admitted to trade on the Alternative Investment Market (AIM) this morning.
The placing price of 98p per share gives SSP a market capitalisation of approximately £70m. The gross fundraising from the flotation of £31m, comprises of £15m raised for the company and £16m raised on behalf of existing shareholders.
The £15m raised is earmarked for furthering SSP's growth plans, which have already seen revenue growth of approximately 59% to £30.7m over the last three years.
David Rasche, executive chairman, commented, "The listing will enable us to pursue our strategy of consolidating our market leading position and to continue our expansion into continental Europe. The new financial structure together with our updated branding will also help provide an enhanced image for the business, helping us to more easily market to new clients, particularly larger organisations and those operating outside the UK."
