World Chess PLC shares edged higher as it debuted on London’s Main Market, though it raised less than it had initially hoped for.
World Chess is a London-based chess organisation seeking to promote ‘the mass market appeal of chess’ through the commercial offering of chess-related activities.
The company said it raised £3.0 million at 6.25 pence each. It had a market capitalisation of £41.7 million on admission. Shares rose 4.0% to 6.50p each on Thursday afternoon, giving it a market capitalisation of £43.3 million.
Back in October, when it had announced its intention to float, it said it planned to raise €8 million.
‘The completion of our IPO comes at an exciting time for chess. The number of players and spectators of the sport is growing and with this new commercial opportunities are opening up. Using our public profile and position as a public company, we are well-placed to capitalise on these opportunities and grow World Chess,’ Chief Executive Officer Ilya Merenzon said.
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