The AIM listing will be run by global asset manager Investec. The news was reported after a letter went out to 500 crowdfunding investors who invested £2 million in Adzuna in 2015 for 8% of the business. An AIM listing offers companies the chance to raise capital for future growth both at the time of the listing and through further issues at a later date.
The Telegraph reports that the letter from equity investment platform Crowdcube states that Adzuna is looking for a valuation of “at least £70 million” and cites sources that suggest the final valuation will be between £80 million and £100 million. Recipients of the letter who are existing investors have been told they can sell half their stakes in the float which is targeted for October.
The letter added that the listing is being run to “facilitate liquidity for existing shareholders”, while allowing Adzuna to “retain independence and give access to future capital to drive medium to long-term strategy.”
The company has worked as a partner with the U.K. government on its ‘Find a job’ online job board which played a vital role during the pandemic and with the Office for National Statistics (ONS) on labor market data, used to track vacancies and to monitor the impact of the pandemic on the U.K. economy.
Adzuna now operates in 16 separate countries and trawls hundreds of job sites to list around 12 million jobs each month.