Rare Book Dealer Scholium Raises GBP8 Million In IPO
source: ILSE London South East
LONDON (Alliance News) - Rare antiquarian book dealer Scholium Group PLC Monday said it has successfully raised GBP8 million in its initial public offering, having priced its shares at 100 pence each, giving it a market capitalization of GBP13.2 million.
In an exclusive interview with Alliance News in early March, the company said it was planning to raise up to GBP10 million in the IPO, funds it would use to increase its stock, develop the business, and set up a new trading division that will branch out into the wider rare and collectibles market.
Chief Executive Phillip Blackwell told Alliance News at the time that he wants to grow the business organically and through further acquisitions, having founded the company in 2009 and already built it up through three acquisitions.
"We want to accelerate the growth and profitability of the rare books business. It has high growth potential, but it is very working capital intensive," he told Alliance News before its IPO.
Scholium said Monday that dealings are expected to commence on AIM at 8.00 am on March 28.
WH Ireland is acting as nominated adviser and Whitman Howard is acting as the company's broker.
"Being traded on AIM with supportive shareholders creates an excellent platform to expand our existing trade in rare books and works on paper. It will also allow us to extend our activities trading alongside reputable dealers in the more general rare and collectibles market," Blackwell said in a statement.
Scholium's IPO was one of three new issues to take place Monday, as the recent pickup in London IPOs continued unabated.
Scholium's is a holding group for several well known London booksellers:
