Time Out set for global expansion with £90m proceeds of stock market listing

TimeOut.JPG

Magazine and online publisher Time Out has launched a bid to raise £90m on the stock market.

The proceeds will be used to expand the business by investing in e-commerce technology and by launching food markets in London and other cities around the world.

The publisher claims to have already received an encouraging response to the offering after touting it around city investors in recent weeks.

Oakley Capital has controlled Time Out since 2011 and has consolidated its ownership of the various publications using the Time Out brand around the world.

In the UK Time Out has revived the flagship weekly London what’s on title by going free in 2012, boosting circulation to around 300,000.

Globally, the publishing business model is based on a Tripadvisor-style approach – mixing leisure reviews and recommendations with an e-commerce platform. Unlike Tripadvisor, Time Out reviews are underpinned by professionally-written content.

Time Out currently operates in 39 countries and 107 cities around the world.

The company, which was founded as a London-focused magazine in 1958 but now claims to reach an international audience of 111 million people, will be listed on the London Stock Exchange’s Alternative Investment Market (AIM) at 8am on 14 June.

The firm has an initial public offering value of £195m and is expecting to raise £90m in gross proceeds. Ordinary shares, of which the firm has 130m in total, will cost 150p each.

A statement said: “The net proceeds will be used to accelerate the Group’s growth plans to scale and further monetise its platforms focusing on digital advertising, e-commerce and Time Out Markets.”

The firm has taken the decision to float on the stock market despite fears of a possible Brexit vote in the EU referendum this month that could have a negative impact on the market.

Peter Dubens, chairman of Time Out Group, said: “Time Out has been an iconic brand for many years and now is the right time for it to float.

“We have a compelling platform for value enhancement which is very much focused on continued investment in the brand, the e-commerce platform and replicating the Time Out Market concept in other cities.”

Comments

1 thought on “Time Out set for global expansion with £90m proceeds of stock market listing”

  1. Time Out was founded in 1968, rather than 1958 as stated above. Sadly, its breadth of content was ‘losted’ when it went free-distribution.

Leave a Reply

Your email address will not be published. Required fields are marked *

12 − six =

CLOSE
CLOSE