London SPAC looks to pounce on falling fintech valuations before float next week
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A special purpose acquisition company (SPAC) said it is looking to capitalise on a plunge in the valuations of fintech firms, as it prepares to begin trading on the main market of the London Stock Exchange next week.
Ashington Innovation said this morning it had raised £809,437 from investors and will float at a market value of around £1.84m on Tuesday next week.
Bosses said they are looking to snap up a firm in the technology sector with a “particular focus on the fintech and deep tech sectors” but there was no specific expected target or value for a deal, the firm added.
Ashinton is “aiming to benefit from favourable price conditions for companies in the fintech and deep tech sectors”, the firm said. Fintech firms have suffered sharp valuation falls in the past year as venture capital cash dries up and investors sour on loss-making companies.
The acquisition vehicle is led by chairman Peter Presland who has some 50 years of business and dealmaking experience, while director Jason Drummond has led the IPO of nine companies on European stock exchanges since 1999.
The listing marks another bout of SPAC activity in recent weeks after Sir Martin Franklin raised a $550m war chest in a London IPO.