June 15, 2018

By Callum Jones

Investors flocked to buy shares in a newly listed rival to the London stock exchange.

Aquis, a share trading platform, floated yesterday on the Alternative Investment Market and its shares rose by more than a third.

The European subscription service, positioned as a Spotify for trading, said that it aimed to raise £12 million by making its initial public offering on the junior market. Set up in 2012, Aquis offers an alternative to the value-based commission charges of other platforms by charging users based on their average number of transactions.

Having listed at 269p, providing a market value of £73 million, the shares closed at 370p, up 37.5 per cent. Investors including Warsaw Stock Exchange, which had owned a fifth of the company, made just over £20 million by selling shares.

The group has pledged to use the money raised by the placing to boost awareness of its brand and invest in new technology.

“There is a clear regulatory drive for greater transparency in trading and a requirement for market users to show they are using the best possible venue,” Alasdair Haynes, founder and chief executive, said. “Aquis is ideally positioned to capitalise on these trends in the years to come.” He owns 1.5 million shares, almost 6 per cent.