Global digital identity technology provider GBG has officially completed its transition from AIM to the Main Market of the London Stock Exchange.
Trading in the company’s ordinary shares commenced at 8am today, with the shares simultaneously cancelled from AIM.
The move follows the company’s announcement last week and it confirmed that it is not issuing any new shares or securities in connection with the admission.
“Today marks an exciting milestone in GBG’s journey with our admission to the Main Market,” said GBG CEO, Dev Dhiman.
“During our journey so far in the public markets, GBG has evolved into a leader in digital identity technology, delivering consistent growth, innovation and value to our stakeholders.
“As a global business focused on profitable growth with strong cash generation, this move will provide us with the platform to support our long-term strategic goals, opens up deeper pools of international capital, and enhances our visibility and credibility with all stakeholders.
“The digital world needs to work for everyone, no matter who they are, where they live or what their background.
“Our global team is fuelled by a united purpose to enable safe and rewarding digital lives for genuine people everywhere, and we are well positioned to seize the opportunities this next chapter will bring and match our ambition for continued growth and innovation.”
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Upon admission, the Chester-based company’s issued ordinary share capital totals 243,235,721 shares, with none held in treasury.
The business, known for its identity verification, fraud prevention and location intelligence solutions, said the Main Market admission will strengthen its credibility and visibility among global investors.
Its share price has risen by over 1% as of 9:26am today to 245.08p and its market cap sits at just under £600m.
GBG floated back in 1993 with a share price of 220.47p and peaked in 2021 at around 950p.