CAMBRIDGE, United Kingdom-Bango plc, a company that has developed technology to simplify mobile content, said it is seeking admission to trade on London’s Alternative Investment Market.
The company said it hopes to raise about $9 million, net of expenses, by placing new shares with institutional investors. Panmure Gordon Ltd. is acting as Bango’s nominated adviser and broker.
The initial public offering is expected to be completed by the end of this month.
The company said it plans to use proceeds to fortify its European position by extending the range of content providers using its technology in Western Europe, extending its network of partnerships with mobile site developers and billing providers, expanding its customer support team, and continuing to expand the functionality of its technology.
Current investors include Herald Ventures, Close Brothers and ET Capital.
