Woodford Patient Capital’s Purplebricks to list on AIM

Online estate agency, Purplebricks, has announced that it has conditionally raised £58.1m before expenses from an institutional placing for its upcoming float on AIM. The company, which is expected to list on 17 December, is expected to have an opening market capitalisation of £240.3m. Woodford Patient Capital Trust, managed by Neil Woodford (pictured) has an investment in the the currently unlisted company, which accounted for 0.93% of the trust’s NAV as at 31 October 2015. Of the 58.1m share issued, 25 million are new shares and 33 million existing shares. As such, the company will receive £25m with £33.1m going to selling shareholders. Purplebricks says that it intends to use the proceeds from the placing to fund expansion in London and Scotland, boost brand awareness and invest in its technology and software platform.

Woodford Patient Capital’s Purplebricks to list on AIM : WPCT