Hugely Successful IPO for SafeCharge Payment Provider
The online payment service provider SafeCharge has had a hugely successful initial public offering. The company raised $125 million, 25% more than was expected.Teddy Sagi, who founded the leading online gaming software supplier Playtech, is a 90% shareholder in SafeCharge.
He confirmed plans to raise around $100 million by listing shares on London’s junior alternative investment market stock exchange.
SafeCharge has about two hundred employees worldwide. It floated 149,752,260 Ordinary Shares at a placing price of 162p at the London Stock Exchange Alternative Investment Market. This gave the company a market capitalization of around $400 million at the placing price.
The founder and chief executive of SafeCharge, David Avgi, said, “The proceeds of the placing will be deployed to accelerate the company’s growth strategy both through acquisition and organic means.”
The floatation has come just a few days before the Grand National, the UK’s biggest horse racing event and one of SafeCharge’s biggest gambling days of the year.
Avgi went on to say, “We are delighted with SafeCharge’s IPO and successful admission to AIM. The substantial over demand from high quality institutional investors is a strong endorsement of our business model and investment proposition.”