The BDB Pitmans corporate team has advised existing client, finnCap, on the successful admission of the entire issued share capital of Fonix Mobile plc to trading on the London Stock Exchange’s AIM market. Admission occurred at 8am on 12 October 12.
Fonix is a UK-focused mobile payments and messaging company which allows businesses to charge members of the public via their mobile telephone bills, for example when making donations or entering competitions. It has over 100 clients including ITV, Bauer Media, BT, Global Radio and BBC Children in Need, operating across a range of multi-billion pound sectors such as media, gaming, charity, ticketing and digital services.
£45 million was raised for existing shareholders through a secondary placing, giving Fonix a market capitalisation on admission of £90 million. It will trade under the ticker FNX.
Oliver Pilkington, the corporate partner at BDB Pitmans who led the transaction, remarked: "The corporate team is delighted to have advised on another successful IPO with our long-standing client finnCap. To achieve such an excellent outcome in a very challenging market is a testament to the great work done by everyone involved in the transaction."