Immotion Group has started trading on the stock exchange, raising £5.75m through the placing of 57.5m ordinary shares.
The immersive virtual reality business began trading this morning on the London Stock Exchange’s AIM market.
The Manchester-based Group said that the placing was “significantly oversubscribed” and will mean a market capitalisation (at the Placing price of 10p per Ordinary Share) of approximately £19.54m.
The cash will be used to implement its strategy to become “a leading participant in the ‘Out of Home’ VR experience market.”
“In combining award-winning storytelling, CGI production and precise motion synchronisation, Immotion Group can deliver experiences that are not easily replicable in the ‘in home’ market. We have already experienced a very positive reaction from consumers, many of whom are trying VR for the first time, and from business partners who see the strong potential for our VR platforms to provide a new revenue opportunity,” explained chief executive officer, Martin Higginson, who co-founded the company with David Marks.
“The five star reviews received from our retail customers, along with the early sales of motion platforms and a successful launch experienced by our Concession Partner, Merlin Entertainments’ Lego Discovery Center in Boston, have given us confidence in the market and our strategy to deliver on the opportunity. We believe that this IPO will enable us to build momentum and achieve our goal to build the business across the UK, Europe and USA in what is an exciting, fast growing market.”
