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Home Business Finance

JTC raises £65.9m from first market placing since their IPO

April 30, 2021
in Business, Finance, Jersey
Nigel Le Quesne
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JTC, the global provider of fund, corporate and private client services has raised £65.9m from its first capital markets placing since the Group listed on the London Stock Exchange in 2018.

The placing saw strong demand from institutional investors and comes off the back of the company releasing impressive 2020 full year results on 13th April, which revealed a 15.9% increase in total revenue to £115.1 million and a 9.4% rise in underlying EBITDA to £38.7 million, representing an underlying EBITDA margin of 33.6%.

JTC has a strong track record of both organic growth and growth through acquisitions and the money will be used to fund a pipeline of near-term acquisition opportunities as well as to maintain a strong balance sheet.  JTC has made 23 acquisitions over the last 10 years, with 10 of those having been announced since the business listed in 2018.

A total of 10,626,078 shares have been placed at a price of 620p per share, a discount of 1.7% to the closing price on 29 April 2021.

Nigel Le Quesne (pictured), Chief Executive Officer of JTC, said: “We are delighted to have completed our first placing since listing in 2018 and are grateful for the support shown by our investors, in particular our established holders.

“As we begin our latest five-year business plan cycle, which we are calling the Galaxy Era, the proceeds will allow the Group to capitalise on a high quality pipeline of near-term acquisition opportunities with certainty of funding and to continue to deliver on our disciplined and proven approach to inorganic growth in a consolidating sector.”

Tags: JTC
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