Eclectic Clubs & Bars made its debut on AIM yesterday, with the group’s shares listed at 160p.
The Reuben Harley-led company’s shares commenced trading at 171p and finished the day at 164.5p.
The group completed a fundraising of £15m.
The 19-strong group conditionally placed a total of 6,562,500 new ordinary shares at a price of 160p per ordinary share raising c£10.5m.
In addition, a further 2,835,861 ordinary shares held by the group’s principal shareholder, Avanti Capital, were sold at the placing price pursuant to the placing for approximately £4.5m enabling Avanti to sell down completely its shareholding in the company.
The market capitalisation of Eclectic on admission was approximately £20.6m.
Harley said: “We are delighted to be starting life as a public Company today and welcome all our new shareholders. We have proven brands and an experienced management team which together with our revised capital structure and growth funds we will be able to implement our well established strategy. We plan to grow the business through a combination of organic growth and new site development and take advantage of a fragmented marketplace and market opportunity.”
