Allied Minds shares tumble after institutional placing
Shares in Allied Minds, the science and technology company, were down more than 9% on Wednesday after a share placing.
ALLIED MINDS
13.85p
16:50 29/11/22
30.05%
3.20p
Financial Services
16,492.39
15:44 15/11/24
-0.24%
-40.16
FTSE 250
20,508.75
15:45 15/11/24
n/a
n/a
FTSE 350
4,453.56
15:45 15/11/24
n/a
n/a
FTSE All-Share
4,411.85
15:45 15/11/24
n/a
n/a
House broker Jefferies said the Allied Minds placing, which was on behalf of Invesco, raised gross proceeds of £90.4m.
The company sold 16m ordinary shares at a price of 565p per share, according to Reuters.
The sale was completed via accelerated bookbuild to institutional investors conducted by Jefferies and Numis Securities as joint bookrunners.
April's full-year results showed revenues were boosted by extensive US university and federal research institution partnerships, jumping to $7.7m from $2.9m the year before, but losses before tax increased by a third to $57.7m.