VR Education Holdings – Raises £6 Million Through Aim Listing

14 March 2018

LONDON (Alliance News) – VR Education Holdings PLC said Monday it raised GBP6.0 million through an oversubscribed initial public offering as its shares began trading on AIM.

The virtual reality technology firm issued 60.0 million shares at a placing price of 10 pence each. This IPO price give VR Education a market capitalisation of GBP19.3 million on admission.

Shares in VR Education were trading at 11.64 pence on Monday, up 16% from its IPO price.

Ireland-based VR Education Holdings is the holding company for Immersive VR Education Ltd, a virtual software and technology company that developed online virtual social learning and presentation platform ENGAGE.

The shares have been dual-listed on London’s AIM and Ireland’s ESM markets.

Cairn Financial Advisers LLP is acting as nominated adviser, with J&E Davy and Shard Capital Partners LLP as joint brokers to the company.

“The VR/AR market is growing at a fast rate; as hardware becomes more affordable, this growth will undoubtedly gain further traction and we are at the forefront of this,” VR Chief Executive Officer David Whelan said.

“As a VR software and technology group operating in the niche education sector, we provide students, educators and corporate trainers with a real alternative to attending brick and mortar institutes; benefits include cost-savings and course completion rates amongst others,” Whelan added.

“Having raised GBP6 million and with the support of our new shareholders,” Whelan continued, “our focus is now on strengthening our network of educational institutions and corporations, which already includes the likes of Oxford University and the BBC, and building our sales team to roll out and position ENGAGE as the go-to platform of choice for digital education and simulated training globally. Furthermore, we aim to strengthen our portfolio of compelling content, replicating the success of our revenue generating, award-winning experiences including Apollo 11 VR and Titanic VR, whilst also helping others to create content for their own lessons.”

“Given the anticipated high volume of activity and steady stream of news ahead,” Whelan concluded, “I am confident that we will deliver value to shareholders.”

By Ahren Lester;

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