Braveheart to list on AIM

Amid the recent private equity interest in public offerings, Scottish venture firm Braveheart is to follow in the footsteps of US buyout giant Blackstone - albeit on a slightly smaller scale.

Scottish venture capital firm Braveheart Ventures is to raise more than £6 million by floating on London’s alternative investment market.

Braveheart Ventures is to start trading on London’s Alternative Investment Market on Friday. It has placed 3,991,020 shares at a price of 160p per share on the market, with an expected market capitalisation of £21.45 million (€31.59 million, $42.15 million). The firm will raise £6.64 million in the process.

Braveheart was founded in 1997 and manages four funds. Of the 16 portfolio investments realised so far, five have been flotations, three have been trade sales or secondary purchases, and eight have been written off.

The firm’s investors include Scottish Enterprise, Scotland’s national economic development agency, the University of Edinburgh and the University of Strathclyde.

On a slightly larger scale, last week US buyout firm The Blackstone Group also revealed plans to sell shares through a public offering. The firm will raise up to $4 billion by listing a portion of itself on the New York Stock Exchange, in a move that could value it at more than $40 billion.