Fadel Partners Inc on Thursday started trading on the AIM market in London, raising more than it on Monday had said it anticipated.

The New York-based developer of media rights and royalty management software said it raised about £8.0 million, 6.7% higher than £7.5 million it had expected. The placing price was 144 pence per share. Its shares rose 2.1% to 147p after the initial public offering on Thursday midday in London.

The company anticipated a market capitalisation of around £28.8 million. With around 20.0 million shares in issue, the market capitalisation after the IPO was 2.1% higher at £29.4 million.

Fadel said it will use the raised funds to invest in solutions sales and investment into marketing, as well as conducting research & development to innovate and develop its products.

It expects to release its 2022 results in early June 2023.

The company is led by Chief Executive Officer Tarek Fadel. Chief Financial Officer is Vicary Gibbs. Chair is Kenneth West.

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