Investec acted as Joint Bookrunner, Joint Underwriter and Joint Global Coordinator to Videndum plc on its £125m equity raise
Investec acted as Joint Bookrunner, Joint Underwriter and Joint Global Coordinator to Videndum on its £125m equity raise structured as a Firm Placing, Placing and Open Offer, representing 100% of its existing issued share capital.
This was structured as a firm placing and placing and open offer; £75m was raised through a firm placing of new shares to institutional investors, and £50 million through a conditional placing and open offer tranche. The equity raise was priced at 267p, equivalent to a 3.3% discount to the previous closing price. The net proceeds of the equity raise will be used to reduce leverage and ensure a more robust capital structure to help the Company deliver on its medium-to-long-term ambitions.
Investec advised on the structuring, execution and marketing of the transaction. This included providing firm underwriting commitment. Investec delivered strong demand for the fundraise: the book was well covered from wall-crossed institutions at launch giving good visibility on the outcome. The equity raise was well supported with strong demand from a mixture of existing shareholders and new high quality blue-chip investors. Following the successful equity raise, the Company now has a strong capital base which will allow Videndum to focus its resources on strategic execution and long-term value creation for shareholders.
About Videndum plc
Videndum is a leading global provider of premium branded hardware products and software solutions to the content creation accessory industry. The Company’s brands are leaders in defensible niche markets, in terms of premium products, technology innovation and/or market share. Its customers include TV broadcasters, film studios, production and rental companies, photographers, independent content creators, vloggers/influencers, professional musicians, governments and enterprises.
The Company is listed on the Main Market of the London Stock Exchange with an implied post-equity raise market capitalisation of c.£303m. Investec has a longstanding relationship with Videndum having supported the Company as Corporate Broker since 2010.