BLK BlackRock Inc

By Adria Calatayud

Auction Technology Group PLC said Wednesday that it has set a price of 600 pence a share for its planned initial public offering on the London Stock Exchange, implying a market capitalization of 600 million pounds ($834.2 million).

The operator of digital-auction marketplaces earlier this month said that it intended to proceed with an IPO, and said that the offer would comprise new shares to raise around GBP250 million and existing shares expected to be sold by certain shareholders.

Auction Technology said funds and accounts under the management of BlackRock Inc. have entered into an agreement with the company and certain existing shareholders to subscribe for and purchase offer shares worth GBP25 million, taking the aggregate commitment from cornerstone investors to GBP125 million.

The company said conditional trading on its shares is expected to start on Tuesday, with unconditional trading expected to start on or around Feb. 26.

Auction Technology has hired Numis Securities Ltd. to act as sponsor, joint global coordinator and joint bookrunner and J.P. Morgan Securities PLC to act as joint global coordinator, joint bookrunner and stabilizing manager.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

February 17, 2021 03:31 ET (08:31 GMT)

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