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March 24, 2004 at 07:00 PM
NEW YORK (HedgeWorld.com)–Multi-strategy hedge fund manager RAB Capital plc started trading on London Stock Exchange’s AIM, a market for smaller companies, on March 16. The issue already is up almost 60%.
The company offered 32 million shares at 25p a share, with the goal of raising ?8 million (US$15 million). The price was 39p, with bid at 38p and offer at 40p, as of March 17, 10:30 a.m. ET. According to the AIM prospectus, the cash will be used to seed new funds and possibly acquire new businesses.
“The directors also believe that the profile of the company will be raised in the retail marketplace,” according to the document.
RAB Capital manages US$1.1 billion in various hedge fund strategies, including European high yield, U.K. equity, global macro and special situations. Its largest pool is the long/short RAB Europe Fund, with US$410 million in assets as of Jan. 1.
