Parkwalk is pleased to note that portfolio company Mirriad Advertising plc (“Mirriad”), the global video technology company and developer of native in-video advertising, has successfully priced its Initial Public Offering and has applied for the admission of its entire issued and to be issued share capital to AIM.
Mirriad has announced the raising of £26.2 million gross proceeds through a conditional placing of 42,258,065 new ordinary shares at 62 pence per share. On admission to AIM, Mirriad will have a total of 101,896,911 shares in issue, equating to a market capitalisation of approximately £63.2m.
Following the placing, Parkwalk EIS Funds will represent 18.1% of Mirriad’s enlarged issued share capital, valued at £11.4m million at the placing price. Parkwalk funds committed £2.5m to the placing.
Mirriad is a global video technology company engaged in the development of native in-video advertising. Through Marketplace, its IP-protected proprietary technology, Mirriad can insert branded products and signage into existing video content as ad units. NIVA enables brands and advertisers to plan and run multi-title campaigns across all three screens – on TV, online and on mobile. With its existing blue-chip customer base in each of its key markets, Mirriad has a first-mover advantage poised to exploit a large and growing content monetisation market.
Admission is expected to occur on 19th December at 8:00 am, under the ticker symbol ‘MIRI’. Numis is acting as Nominated Adviser, Broker and Joint Bookrunner in relation to the placing and admission to trading on AIM. Baden Hill is acting as Joint Bookrunner.
Mark Popkiewicz, Chief Executive of Mirriad, commented: “We are delighted to announce the pricing of Mirriad’s imminent admission to AIM. This is an important milestone for the Group. Our proprietary technology, blue-chip customer relationships and operational momentum ensures we are ideally-placed to grow rapidly and drive returns for all stakeholders.”
Alastair Kilgour, Parkwalk Chief Investment Officer, commented “Parkwalk is delighted to have supported Mirriad through several funding rounds to this successful IPO. We believe this use of EIS funding helps validate the Chancellor’s recent Autumn Budget encouraging investment in the UK’s knowledge-intensive sector and supporting growth.”
