Nottingham firm admitted to AIM market with value of £120m

Nottingham-based SourceBio International has been admitted to the AIM platform of the London Stock Exchange this morning (October 29).

The move follows a £35m share issue that values the company at £120.2m. The firm says it will use the cash to pay outstanding shareholder and bank loans – and scale-up its Covid-19 testing business.

Jay LeCoque, executive chairman, said: “We are delighted by the strong support we’ve received from new institutional investors and our existing shareholders. Our IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A opportunities. It’s an exciting time for our business and we look forward to executing on our ambitious growth plans and delivering value to our shareholders.”