The total value of funds raised on the AIM market in the first quarter of 2010 dropped by 38% to £247m which was raised by 17 companies (4Q09: £396m raised by 18 companies), according to the latest AIM analysis by financial and business advisor Grant Thornton UK.
However, the value of funds raised increased by 82 times year-on-year; in 1Q09 only £3m was raised by just four companies.
“It is encouraging that more money has been raised on AIM in the last two quarters than in any comparable period since the collapse of Lehman Brothers,” said Philip Secrett, partner at the capital markets practice of Grant Thornton UK.
Comparable figures were last achieved in 1Q08, when 32 companies raised £290m on AIM. This was a steep drop compared to 1Q07, when 54 companies raised more than £1.1bn.
“Sadly, very few traditional trading companies are benefiting as they continue to find it difficult to raise money on AIM. In the last five years, fundraising on AIM has been dominated by the financial sector, mainly property and private equity funds, and by mining and other natural resources groups. The main problem is the valuation gap – entrepreneurs are holding out for pre-crunch valuations while institutional investors continue to be very risk averse and seem to be holding out for bargains with a positive track record as well as outstanding growth prospects,” Secrett concluded.
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