Demand for new shares in IP Group has been so high that the company, which recently acquired Sheffield-based Fusion IP, has been able to increase the sum it is raising by a third to £100 million.
London-based IP Group announced last month that it was seeking to raise £75 million to accelerate its growth by increasing the funds it can invest in existing and new university spin-outs.
The announcement came at the same time as it acquired Fusion IP, the company set up by Sheffield University to commercialise academics’ inventions, in a deal that valued Fusion at almost £88 million.
IP Group says demand for its shares was “significantly in excess of the initially proposed capital raise.”
As a result, its directors have exercised their discretion to increase the value of the share issue from £75 million to £100 million.
IP Group chief executive Alan Aubrey said: “We are delighted to announce the successful completion of the capital raise.
“As a result of significant excess demand from existing and new institutional investors, the board has used its discretion to increase the size of the issue to £100 million. This will enable us to accelerate growth by increasing our overall rate of capital deployment into both our existing portfolio and into new early stage opportunities, in the UK and internationally, as well as to broaden our access to world class Intellectual Property.”
The total issued share capital of IP Group will be 435,864,919 ordinary shares of 2 pence each.