(Reuters) – Allied Minds Plc said its initial public offering was priced at 190 pence per share, giving the U.S.-based company that commercializes research and inventions from universities a market capitalization of 398 million pounds.
Allied Minds said it expected to raise about 76.2 million pounds ($130 million) from the IPO, less than the $140 million it said last month it hoped to raise.
The offer comprises about 44.3 million new shares to be sold by the company and 17.4 million shares to be offered by selling shareholders, the Boston-based company said in a statement.
Selling shareholders are expected to receive about 32.3 million pounds from the float.
Conditional trading in the shares began on Friday. The stock was trading at 190.75 pence at 0902 GMT. Unconditional trading on the main market and admission to the London Stock Exchange’s premium listing segment are scheduled for June 25.
Jefferies International Ltd is acting as sponsor and bookrunner for the listing and has an over-allotment option of 15 percent of the new shares in the offer.
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