The Smarter Web Company, a London-listed technology firm, has raised approximately £41.2 million through a combined accelerated bookbuild and subscription offering to institutional and qualified investors, the company announced Thursday.
The offering, conducted via Tennyson Securities and Peterhouse Capital Limited, involved the issue of 14.2 million new ordinary shares at £2.90 per share — the company’s closing bid price on June 25. The raise exceeded the initial minimum target of £30 million and is expected to support the company’s capital needs going forward.
The bookbuild accounted for the majority of the raise, generating £36.3 million through the sale of roughly 12.5 million shares. A further £5 million was secured through a subscription agreement involving approximately 1.7 million shares.
Share Admission Scheduled for July 1
The admission of the new shares to trading is expected to take effect at 8:00 a.m. on or around July 1, pending regulatory approval and other customary conditions. Once issued, the new ordinary shares will be fully paid and rank equally with existing shares, including rights to dividends and other distributions.
The offering was conducted under the UK Prospectus Regulation, with participation limited to qualified and institutional investors as defined in Article 2(e) of the regulation. The proceeds are anticipated to be used in line with the company’s strategic and operational plans, though specific allocations were not disclosed in the announcement.
CEO Increases Personal Stake
Separately, the company disclosed that Chief Executive Officer Andrew Webley had acquired an additional 10,000 ordinary shares at £2.72 per share. The transaction brings his total holding to just under 27.4 million shares, representing approximately 12% of the company’s issued share capital.
