Rosenblatt floats on AIM with £43m war chest
Shares of independent City law firm Rosenblatt Group began trading on the Alternative Investment Market of the London Stock Exchange on Tuesday.
Rosenblatt launched a fundraising, which was significantly oversubscribed, raising approximately £43m before expenses, through the issue of 36.84m new ordinary shares and 43.25m existing ordinary shares.
As a result, the total number of ordinary Rosenblatt shares in issue at the time of admission was 80.09m, giving the AIM-listed firm a market capitalisation of approximately £76m at the placing price of 95p per share.
Rosenblatt's board believes the admission will assist the group in its development by further raising its profile, providing investment for funding growth, including in-house funding of litigation, attracting and retaining talent, facilitating access to capital and providing a currency for strategic acquisitions.
Rosenblatt provides a range of legal services to its diversified client base, which includes companies, banks, entrepreneurs and individuals, advising on complex cross-jurisdictional cases in the USA, China, India and Israel.
In last financial year, Rosenblatt saw revenues of roughly £15.9m and EBITDA of approximately £5.5m, marking compound annual growth rates of 3% and 27.6%, respectively since its 2015 trading year.
Nicola Foulston, chief executive officer, Rosenblatt Group, said, "This is an exciting day for Rosenblatt, our staff and clients. Our admission to AIM will provide us with a significant opportunity to create a profitable and growing business to capitalise on the changes seen in the legal marketplace in the UK in recent years driven by regulatory reform and new technology."
As of 1200 BST, Rosenblatt shares had picked up 11.58% to 106p.