Glasgow fintech firm announces London listing plans
Glasgow-based Beeks Financial Cloud Group has this week announced plans to list on the London Stock Exchange.
The firm said it is aiming to raise £7 million as a result of the flotation, which is expected to give it a market value of £24.5m through the placing of new and ordinary shares.
The company’s technology allows clients to carry out same day trading of foreign exchange and futures on financial exchanges and trading venues.
It is expected that Beeks will be admitted for trading around the 27th of November.
Until now, the company’s business has been self-funded.
Chief executive Gordon McArthur said: “It was always our intention to go public to raise finance. Capital markets are our entire business so going elsewhere seemed illogical. We have been looking at it and felt market conditions were right and the timing was right for the company to do it now.”
The company already has the backing of several institutional investors like Hargreave Hale, Octopus, and Livingbridge, which will be major shareholders after the admission of the company to the LSE.
Founded in 2011, Beeks has been consistently posting positive results over the past several years.
For the year ending on the 30th of June 2017, the company’s revenues totaled £4 million, which is higher by 48.2 percent when compared to the previous full year’s result of £2.8 million.
The main driver of the company’s growth in recent quarters has been upselling to existing clients and building its client base on the back of its pure cloud solution. It currently has about 165 institutional customers and over 6,000 Virtual Private Server (VPS) customers.
Commenting on the company’s future plans, Mr McArthur added: “We are looking at M&A from a strategic value-add purchase to our offering and also acquisitions of players in our existing space.”