Technology and software investment firm KRM22 PLC (LON:KRM) made a strong debut on AIM today having successfully raised £10.32mln through the issue of 10.32mln shares at a price of 100p each, giving the company an initial market capitalisation of £12.32mln.
In late afternoon trading, the newly listed stock was trading at 113.5p. a 13.5% premium to the offer price.
In a first day of dealings statement, KRM22 said it has been set up to invest in businesses with one or more of the following criteria - market leading software offering; customer revenues; subject matter expert; capital markets focus; risk management focus and where the board believes that there are good growth opportunities through strategic and operational advice.
The company's pointed out that its board and management team have many years of experience and successful track records in the software and technology industry.
Keith Todd, KRM22's executive chairman and chief executive officer, said: “We have established KRM22 as an investing company, with a long term view to provide a new generation ‘Global Risk Platform’ (delivered as a Software-as-a-Service offering: Risk Management as Service (“RMaaS)) and have identified a clear opportunity to deliver significant improvements for our target customers, through our underlying investments, by providing a suite of cost effective risk management tools.”
He added: “Our strategy will see us invest in companies with clear, high quality, subject matter expertise as we seek to execute our investing policy. The target and focus of our investment is risk: primarily in the Capital markets which is currently poorly served by a fragmented supplier base and no one, real-time Software-as-a Service enabled view of the true risks a business faces.”
finnCap acted as nominated adviser and sole broker to the company in relation to the AIM admission.