Niche litigation funder Manolete has made a bright start to life as a public company after listing on the junior AIM market last Friday.
At 195p the shares were this morning trading at a significant premium to the offer price of 175p, which gave Manolette an initial market capitalisation of £76.3m. At one point on Friday the shares touched 211p before falling back.
After Burford, Manolete Partners, backed by private equity investor Jon Moulton, is only the second company operating in the litigation funding sector to go public. The company focuses on taking over claims from liquidators of insolvent companies.
Manolete has invested in over 240 insolvency cases, working alongside insolvency practitioners from all of the Big Four accountancy practices through to one- and two- partner specialist practices in the regions. Manolete was founded in 2009 by its CEO Steven Cooklin, a chartered accountant.
Peel Hunt LLP acted as nominated adviser and sole broker in the flotation.