Beeks Financial Cloud Group (AIM: BKS), which provides cloud computing and connectivity services in the financial markets, announced on Tuesday the completion of its £15 million fundraising through share placements. Additionally, the round was significantly oversubscribed, the company highlighted.

The London-listed company has raised the total proceeds by issuing 9,090,910 new ordinary shares, each at a price of 165 pence. The total ordinary shares comprised 8,787,879 placing shares and 303,031 primary-bid shares. Additionally, the vendor raised a gross of approximately £2.8 million by selling 1,696,970 sale shares at the same issue price.

The newly issued shares represent around 16.1 percent of the existing ordinary shares of the company. There was also a discount on the issue price of the newly issued shares by 3.8 percent from the closing of April 1.

Optimistic Investors

Beeks’ share price strengthened by 1.45 percent in the early trading hours of Tuesday and is trading at 175 pence apiece, as of press time.

“We would like to thank all new and existing investors who have participated in the fundraising for their support,” Beeks’ CEO, Gordon McArthur said in a statement.

“With financial services organizations accelerating their cloud transition strategies, we see a huge opportunity ahead for our Private Cloud, Proximity Cloud and Exchange Cloud offerings, and are focused on the conversion of our record sales pipeline and execution of our product roadmap.”

The share placement came only weeks after the company released its financials for the first half of the financial year 2022. Its revenue in the period jumped by 46 percent to reach £7.72 million. Now, the company is expecting strong growth in sales that include Tier 1 opportunities in Private Cloud and Proximity Cloud.

Beeks Financial Cloud Group (AIM: BKS), which provides cloud computing and connectivity services in the financial markets, announced on Tuesday the completion of its £15 million fundraising through share placements. Additionally, the round was significantly oversubscribed, the company highlighted.

The London-listed company has raised the total proceeds by issuing 9,090,910 new ordinary shares, each at a price of 165 pence. The total ordinary shares comprised 8,787,879 placing shares and 303,031 primary-bid shares. Additionally, the vendor raised a gross of approximately £2.8 million by selling 1,696,970 sale shares at the same issue price.

The newly issued shares represent around 16.1 percent of the existing ordinary shares of the company. There was also a discount on the issue price of the newly issued shares by 3.8 percent from the closing of April 1.

Optimistic Investors

Beeks’ share price strengthened by 1.45 percent in the early trading hours of Tuesday and is trading at 175 pence apiece, as of press time.

“We would like to thank all new and existing investors who have participated in the fundraising for their support,” Beeks’ CEO, Gordon McArthur said in a statement.

“With financial services organizations accelerating their cloud transition strategies, we see a huge opportunity ahead for our Private Cloud, Proximity Cloud and Exchange Cloud offerings, and are focused on the conversion of our record sales pipeline and execution of our product roadmap.”

The share placement came only weeks after the company released its financials for the first half of the financial year 2022. Its revenue in the period jumped by 46 percent to reach £7.72 million. Now, the company is expecting strong growth in sales that include Tier 1 opportunities in Private Cloud and Proximity Cloud.