Imperial Innovations Group plc (AIM: IVO or 'the Group' 'Innovations') notes that Abzena plc ('Abzena') has today announced the pricing of its initial public offering, prior to seeking Admission of its shares to AIM.
The offer has conditionally raised gross proceeds of approximately £22.7 million, comprising £20.0 million for Abzena through the issue of 25 million New Shares and £2.7 million on behalf of selling shareholders. The offer price has been set at 80 pence per Ordinary Share. On the basis of the offer price, Abzena's market capitalisation on Admission is expected to be £77.9 million.
Innovations had a 26.2 per cent. interest in the issued share capital of Abzena before the IPO, which at 31 January 2014, was valued at £11.1 million.
Innovations has purchased in the offering a further 5,000,000 shares in Abzena at a cost of £4.0 million and will have a 23.6 per cent. interest in the issued share capital of the Company as enlarged by the issue. At the issue price Innovations' holding in Abzena would be valued at £18.0 million.
Abzena's admission and trading on AIM under the symbol "ABZA" is expected to take place at 8.00am on 10 July 2014.
Russ Cummings, Chief Executive Officer, Imperial Innovations, said:
"Abzena is the fourth of our portfolio companies to join the public markets in recent months, which is a clear demonstration of the strength in depth of our maturing portfolio.
"We are delighted with the progress that Abzena has made since we led the last funding round in July 2013 and believe that through the IPO, the business has laid a firm foundation to continue its growth trajectory."
Innovations had a 26.2 per cent. interest in the issued share capital of Abzena before the IPO, which at 31 January 2014, was valued at £11.1 million.
Innovations has purchased in the offering a further 5,000,000 shares in Abzena at a cost of £4.0 million and will have a 23.6 per cent. interest in the issued share capital of the Company as enlarged by the issue. At the issue price Innovations' holding in Abzena would be valued at £18.0 million.
Abzena's admission and trading on AIM under the symbol "ABZA" is expected to take place at 8.00am on 10 July 2014.
Russ Cummings, Chief Executive Officer, Imperial Innovations, said:
"Abzena is the fourth of our portfolio companies to join the public markets in recent months, which is a clear demonstration of the strength in depth of our maturing portfolio.
"We are delighted with the progress that Abzena has made since we led the last funding round in July 2013 and believe that through the IPO, the business has laid a firm foundation to continue its growth trajectory."
Receive the Funding Newswire each Tuesday, our Policy Bulletin each Thursday, and news about bridging Europe’s east-west innovation gap twice a month in The Widening. 
A unique international forum for public research organisations and companies to connect their external engagement with strategic interests around their R&D system.