The group – the leading company in the UK guarantor loan space - saw its shares jump to 310p, against an offer price of 275p in early trading on the London Stock Exchange
Amigo Holdings PLC (LON:AMGO) saw its investors make more money as trading in the stock started on Wednesday following an initial public offering. which valued the loans firm at over £1.3bn.
The group – the leading company in the UK guarantor loan space - saw its shares jump to 310p, against an offer price of 275p in early trading on the London Stock Exchange.
READ: Amigo Loans to float on main market as founder cuts stake
The successful flotation made Amigo Loans’ millionaire founder James Benamor, already known as the richest man in Dorset, even wealthier.
Benamor's vehicle Richmond Group Limited (plus some directors and staff) sold around 25% of Amigo Holdings Limited in the IPO, receiving gross proceeds of £326.8mln.
No new money was raised for the company through the listing on the Premium section of the London Stock Exchange.
The group has grown into the UK’s largest guaranteed loans group since Benamor set it up aged 21 in 2005.
Amigo claims an 88% market share in its niche market, with loans issued having risen to £470mln per year, and was the first dedicated guarantor lender to obtain FCA authorisation.
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