Sound Energy, a UK-based energy company, has raised a total of £26.9 million through PrimaryBid, an online funding platform that enables investors to gain access to placings of AIM-listed companies.
PrimaryBid reportedly arranged £24.1 million fully underwritten fundraising for Sound Energy and then made a deal that was accessible to other investors on the same terms through its platform. To keep up with high investor demand, Sound Energy decided to increase the deal’s size and accepted an additional £2.8 million. Investors were able to invest between 1,000 and 80,000 through the website.
Speaking about the deal, COO of PrimaryBid, Dave Mutton, stated:
“PrimaryBid’s aim is to level the playing field for the investor community, democratising the processes involved in equity raises for publicly quoted companies. This deal is an excellent example of this in action and demonstrates the benefits of PrimaryBid’s model not just for investors but for AIM companies, such as Sound, who are able to tap into the incremental demand from individuals on the platform.”
PrimaryBid then added Sound Energy represented the fourteenth AIM transaction that PrimaryBid has completed since its launch in 2015.
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