UK-headquartered virtual reality start-up Immotion will go public on Thursday and plans to raise £5.75m in funding.
Immotion creates virtual reality machines which can be used in arcades and shopping centres like traditional arcade machines. The Manchester-headquartered company typically charges up to £5 for customers to use its virtual reality machines.
The company will go public on Thursday on London’s junior stock market Aim. It expects a market capitalisation of around £20m, and expects its shares to trade around 10p.
Immotion’s chief executive Martin Higginson said that his company, which was founded last year, is going public because the founders have previously floated companies on Aim….
“The five star reviews received from our retail customers, along with the early sales of motion platforms and a successful launch experienced by our concession partner, Merlin Entertainments’ Lego Discovery Center in Boston, have given us confidence in the market and our strategy to deliver on the opportunity.
“We believe that this IPO will enable us to build momentum and achieve our goal to build the business across the UK, Europe and USA in what is an exciting, fast growing market.”
“Martin Higginson, chief executive of Immotion Group Plc (LON:IMMO), spoke to Proactive’s Andrew Scott as the virtual reality ‘Out of Home’ entertainment business began trading on AIM.
Higginson says they raised £5.75mln in what was a significantly oversubscribed placing.
He says they’ll be using the funds to implement Immotion’s strategy which is to become a leading participant in the ‘Out of Home’ VR experience market which is forecast to grow eight-fold to $8bln by 2022.”
UPDATE: “Proactive’s Tom Howard gets his head around virtual reality and the opportunity facing VR pod specialist Immotion Group PLC (LON:IMMO).”
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Prolific North
“The five star reviews received from our retail customers, along with the early sales of motion platforms and a successful launch experienced by our Concession Partner, Merlin Entertainments’ Lego Discovery Center in Boston, have given us confidence in the market and our strategy to deliver on the opportunity.”
“Immotion Group was set up by tech and media entrepreneurs Martin Higginson and David Marks, whose successes include Netplay TV and Monstermob, with Sir Robin Miller as chairman.”
“Immotion has raised proceeds of £5.75 million through the placing of 57.5 million new shares at 10p per share. Upon admission, it had a market capitalisation of £19.54 million.”
“A Manchester-based business which specialises in location-based immersive virtual reality (VR) experiences has floated with a market capitalisation of almost £20m.
Immotion was formed from the merger of Studio Liddell and Los Angeles-based filmmakers C2K, and combines more than 40 years of experience in storytelling, content creation, advertising, art direction and communications.”
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