RSM’s capital markets team have acted as reporting accountants to SourceBio International plc as part of their admission to the AIM Market of London Stock Exchange plc, being the fourth AIM IPO RSM have acted on in 2020, confirming their status as most active AIM reporting accountant for 2020.
SourceBio International plc (ticker: SBI), which admits to AIM today, has raised £35 million with an initial market capitalisation of £120 million. SourceBio International plc are an international provider of state-of-the-art laboratory services and products to the healthcare and clinical, life and applied sciences and biopharma industries. The group are headquartered in Nottingham, with facilities in the UK, Ireland and the USA.
In response to the coronavirus global pandemic, the group saw an opportunity to enter the infectious disease testing market and rapidly configured their Nottingham facility to build coronavirus testing capacity to more than 6,000 tests per day by September 2020, with a target capacity of 10,500 tests per day by 31 December 2020. The directors believe that admission will help accelerate the growth of the business, including further scaling-up of coronavirus testing capacity in response to current exceptionally high market demand.
Transaction team: Diane Craig, Ed Pipe and Nathan Young.
Tony Ratcliffe, CFO of SourceBio said:
The board are delighted that SourceBio International plc has been admitted to AIM today. The listing will help accelerate growth in all our business areas, including further scale-up of coronavirus testing services, and also allow us to simplify our balance sheet and to execute on potential M&A opportunities. As our appointed accountants, RSM have been exceptionally helpful and supportive through the entire process. It was a relatively complex transaction made even more so with the challenges of social distancing and remote working! The team were very helpful and supportive throughout and myself and the entire board are very grateful for all their hard work and commitment that helped us deliver a successful transaction.