The company said it has raised £35mln through a share placing ahead of its expected listing on Friday, well above its original target of £10mln
NFT Investments PLC said it has raised £35mln ahead of its initial public offering (IPO), more than three times the planned amount and a record-breaking sum for a company listing on the Aquis Stock Exchange.
The company, which specialises in non-fungible tokens (NFTs) and is expected to list on Aquis on April 16, said the sum was raised through the placing of 700mln new shares at a price of 5p each and will give the group a market cap of £50mln when it lists on the exchange.
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NFT Investments said it has increased the fundraising size in response to “strong investor demand”, having initially planned to raise £10mln before doubling this target to £20mln last week.
The firm was established by the co-founders of LSE-listed crypto mining firm Argo Blockchain PLC (LON:ARB) and is the world’s first pure-play investment company focused exclusively on investing in NFTs to launch on a stock market in a major jurisdiction.
“It is deeply gratifying to receive strong interest from a wide range of institutional and private investors who share our belief in the vast growth potential for NFTs, just as the cryptocurrency sector has shown so far. We have upsized our offer to broaden and democratize access to this hard-to-reach market”, executive chairman Jonathan Bixby said in a statement.