LONDON, UK: Praetura Growth VCT plc, a newly established Venture Capital Trust (VCT), has revealed its plans to launch an initial public offering (IPO) targeting gross proceeds of £10 million.
The company aims to issue 10 million ordinary shares of 1 penny each through an offer for subscription, with an additional 10 million ordinary shares available through an over-allotment facility.
The IPO, which opened on June 14, 2023, will remain open until 3.00 p.m. on April 3, 2024, for the 2023/2024 tax year, and until 3.00 p.m. on May 31, 2024, for the 2024/2025 tax year, unless fully subscribed earlier.
Praetura Growth VCT intends to list the issued and to-be-issued ordinary shares on the Official List and have them admitted to trading on the London Stock Exchange’s main market for listed securities.
The Directors and individuals associated with the Manager have committed to investing a total of £1.02 million under the Offer, demonstrating their confidence in the company’s prospects.
Praetura Growth VCT’s primary objective is to contribute to the UK Government’s levelling up agenda by providing growth funding to scalable businesses, primarily located in the North of England.
The company will focus on investing in growth companies across various sectors, with a particular emphasis on technology and healthcare, within the Northern region.
Over the past decade, the technology and life sciences sectors in the North of England have experienced rapid growth and gained international recognition.
Manchester, in particular, has emerged as a vibrant hub, housing over 10,000 technology businesses and boasting a thriving £5 billion digital economy. Recently acclaimed as the ‘UK’s Top Digital Tech City,’ Manchester has nurtured successful ventures like AO Group, ANS, AutoTrader, Matillion, Peak, and TalkTalk.
The momentum in Manchester’s tech ecosystem is complemented by the flourishing economic ecosystems of Liverpool and Leeds, both of which have also achieved significant success in the technology sector in recent years.
Leeds hosts the UK’s largest technology event, the Leeds Digital Festival, and has fostered a robust technology industry with notable sub-sectors in fintech, health, and gaming. Liverpool’s digital economy has also made strides in health and creative technology.
These achievements are attributed to the region’s proximity to large corporate buyers, lower operating costs, excellent transport links, robust infrastructure, and access to top talent from highly regarded local universities.
Recognizing the growing technology economy and funding opportunities in the region, Praetura Ventures’ existing investment funds already prioritize opportunities in the North, allocating two-thirds of deals outside of London.
The Directors believe that this strategy will provide investors with access to the finest Northern founders and more attractive valuations for growth opportunities compared to London and the South-East of England, where VCT investments are traditionally concentrated and competitive valuations can prevail.
Praetura Growth VCT’s IPO marks an important step in supporting the growth of scalable businesses in the North of England and presents investors with an opportunity to capitalize on the region’s thriving technology sector, attractive valuations, and the potential for substantial returns.