MUMBAI: Indian animation and gaming content production company DQ Entertainment has raised Â£26.8 million ($ 56 million) on the London Stock Exchangeâ€™s Alternative Investment Market. The company listed on AIM on 18 December, 2007.
DQ Entertainment raised Â£26.8 million (before expenses), through a placing of 19,727,961 new ordinary shares of 0.1p each at a placing price of Â£1.36 per share. The new Ordinary Shares, which represent approximately 54.9 per cent of DQE’s issued share capital pursuant to the placing, have been placed by Evolution Securities Limited and E*TRADE Securities Limited.
On Admission, the number of Ordinary Shares in issue will be 35,966,047, giving an approximate market capitalisation of Â£48.9 million at the Placing Price.
The funds raised will be used primarily for expansion of production facilities, investment in intellectual property partnerships and possible acquisitions and joint ventures.
DQ Entertainment chairman and CEO Tapaas Chakravarti said, “DQE’s flotation on AIM will boost the international profile of DQE and give impetus to its already established business model. DQE provides investors with the opportunity to invest in the rapidly growing global animation market. The global animation and game art industry has witnessed a paradigm shift in the use of technology to fulfil ever increasing creative needs across all platforms of distribution. The capital raised will allow DQE to keep pace with these technological advances, manage its growth and deliver great value to the shareholders in the coming years.”
DQ Entertainment to list on AIM; raise $60 million