LONDON (dpa-AFX) - LoopUp Group, a UK-based startup that provides software technology for conference calls and remote meetings, on Wednesday became the first technology company to float shares on the London Stock Exchange since Britain's decision to leave the European Union.
LoopUP raised £8.5 million by selling shares at 100p, thus giving it a valuation of £40.8 million. LoopUp shares rose 12% to 112 pence on its first morning of trading on AIM.
LoopUp plans to use the money raised from IPO to support growth and also to pay down existing debt.
Co-CEO Steve Flavell said in a statement: 'The completion of the IPO process marks an important and exciting milestone on LoopUp's journey as a UK-headquartered and internationally-minded technology company, and provides a significant catalyst for our continued growth.'
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