(Reuters) - Time Out Group Plc IPO-TIME.L, the media company that started as a London culture and entertainment magazine, said on Thursday it was raising 90 million pounds ($130 million) in an initial public offering of shares on London’s junior stock market.
The firm, which has expanded abroad and online, said it planned to use the money to continue with its growth plans, which include an e-commerce platform allowing users in key cities to complete a booking or transaction from its website.
It has conditionally sold shares at 150 pence apiece, and expects to have a market value of around 195 million pounds when they start trading on London’s Alternative Investment Market on June 14.
Time Out magazine was founded in 1968 by Tony Elliott, using 70 pounds during a summer break from university. He sold a controlling stake to Oakley Capital Private Equity in 2010.
Oakley has helped to transform the business, taking its print magazine free in London, New York and Chicago, and investing in its digital businesses.
Time Out, which says it now reaches around 111 million people per month across its operations, made 28.5 million pounds of revenue and operating losses of 18.5 million pounds in 2015.
Liberum Capital is acting as nominated adviser and sole bookrunner to Time Out, it said.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter