London Stock Exchange welcomes Argentex Group plc
London Stock Exchange today welcomes Argentex Group plc, the FCA regulated provider of foreign exchange services to institutions, corporates and high net worth private individuals, to trading on the AIM market of London Stock Exchange. Argentex Group plc is the sixth new listing on the AIM market in 2019.
Argentex Group plc, trading under the ticker “AGFX”, has raised £14.0 million valuing the company’s market capitalisation at £120 million on Admission.
Argentex Group plc is a UK-based foreign exchange service provider founded in 2011 by its current senior management and Pacific Investments (founded by Sir John Beckwith). Pacific Investments has an established investment track record and has, inter alia, co-founded the currently listed companies - Liontrust Asset Management plc, River & Mercantile Group plc and Urban Logistics REIT plc.
Since the business commenced trading in 2012, it has experienced significant year-on-year growth in customers, transaction volumes and revenue, and has been profitable in every financial year since incorporation. For the year ended 31 March 2019, Argentex reported revenues of £21.9 million and operating profit of £9.4 million.
The primary proceeds of the IPO will be used to increase the Company’s capital base to enable it to meet the growing demand for its services by increasing trading capacity and therefore drive revenue growth.
Numis is acting as Nomad, Broker and Bookrunner to the Company. Kinmont is acting as Financial Adviser and FTI Consulting is financial communications advisor.
Speaking at The Market Open Ceremony, Harry Adams & Carl Jani, Co-CEOs and Founders of Argentex commented:
"Today is an exciting milestone for Argentex, marking the start of the next phase of the Company’s ambitious growth strategy. We have a strong track record and proven strategy in place to continue to address underserved parts of the FX market. With a stronger balance sheet going forwards, we look forward to our future as a listed company, delivering FX services and advice to our clients, while generating attractive returns for our investors.”