Accounting software hopeful FreeAgent joins AIM

Cloud-based software-as-a-service accounting software company FreeAgent Holdings saw its ordinary shares admitted to trading on the AIM market at 0800 GMT on Wednesday.

The firm said dealings in its shares commenced under the ticker ‘FREE’.

It said it has successfully raised £10.7m from institutional investors via a placing of 9,523,810 new ordinary shares, raising gross proceeds of £8.0m for the company, and 3,192,850 existing ordinary shares raising gross proceeds of £2.7m for the selling shareholders, in each case at a placing price of 84p per share.

Upon Admission, the company said it had a market capitalisation of approximately £34.1m.

“We are very pleased to have today been admitted to trading on AIM - this is a transformational event for FreeAgent,” said chief executive Ed Molyneux.

“I am delighted by the interest shown in FreeAgent by investors, resulting in our successful placing, and equally delighted to welcome on board our new shareholders.

“Our entry to the AIM market is a positive step that marks the next phase of FreeAgent's development as we progress our growth strategy.”