Housing development finance firm Urban Exposure makes strong debut following AIM flotation

Urban Exposure PLC (LON:UEX) made a strong debut on AIM today having successfully raised £150mln at a placing price of 100p per share, giving the company an initial market capitalisation of £165mln.

In afternoon trading, the newly-listed stock was trading at 105.0p.

READ: Housing development financial firm Urban Exposure plans £150mln IPO

Randeesh Sandhu, chief executive of the company, commented: “We are delighted to begin trading on AIM today after an excellent reception during IPO process.”

He added: “Urban Exposure has a clear strategy to provide finance to residential developers around the UK and we look forward to utilising the funds raised as a balance sheet for lending while continuing to grow our third-party asset management business.”

Randeesh Sandhu pointed out that in order to deliver the Government’s housebuilding target of 300,000 homes per year, another £20.8bn of development finance is needed per year for the next decade – more than double the current market size.

“Building on our strong track record and aligning ourselves with the UK Government’s housing strategy, Urban Exposure is well placed to help plug this funding gap,” he concluded.

Liberum Capital Limited acted as a nominated adviser and sole bookrunner and sole broker to the company in relation to the AIM admission.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *