London Stock Exchange today welcomed VPC Specialty Lending Investments PLC
London Stock Exchange today welcomed VPC Specialty Lending Investments PLC (the "Company") to open the first day of dealings in the Company’s shares on the Main Market following its successful IPO.
VPC Specialty Lending Investments raised £200 million through the issue of 200 million shares at 100 pence per share to invest in opportunities within the specialty lending market primarily through online lending platforms. The Company is targeting a net dividend yield of 8 per cent. and a net total return in excess of 10 per cent. per annum, once the proceeds of the IPO are fully invested.
The Company’s investment manager is Victory Park Capital Advisors, LLC, which has been involved in the specialty lending sector since 2010 and has made more than US$1.7 billion of investments and commitments across twelve specialty finance platforms.
The specialty lending market has grown in prominence following the financial crisis as a result of regulation (particularly in Europe and the US) imposing restrictions on certain types of lending by banks to both consumers and small businesses. Driven largely by these factors, specialty lending platforms have flourished. Specialty finance companies predominantly operate online, with low overhead costs, attractive margins and scalability.
Jefferies acted as sole broker, sponsor and bookrunner in relation to the IPO. Newgate was financial PR adviser.
Brendan Carroll, Partner and Co-Founder of Victory Park Capital, commented:
"VPC Specialty Lending Investments is delighted to join the London Stock Exchange. The strong demand we have received from a broad range of investors is testament not only to the strength of the established business, extensive relationships and knowledge of Victory Park Capital's investment management proposition, but also the fast growing and highly attractive specialty lending market. We welcome the new shareholders of the Company and look forward to working with them and delivering on our investment strategy."