Ubisense raises funds prior to IPO

Cambridge-based ‘real-time locations solutions’ company, Ubisense, has completed its pre-IPO fund raising and will list on AIM on 22nd June  (see Ubisense to be first ‘real’ UK SITS IPO for over a year). Brokers Canaccord Genuity placed 4.8m Ubisense shares at 180p raising gross £8.7m, of which £3.7m will pay out shareholders. The placing values Ubisense at £38.6m, just over 2x 2010 revenues. This valuation will already put Ubisense in the top third of the UK software and IT services companies listed on the London Stock Exchange. We wish CEO Richard Green and his team the very best of luck!