PE-backed Mirriad to list in £63.2m IPO

The company announced its intention to list 101,896,911 shares, which equates to a market capitalisation of around £63.2m at the placing price.

Mirriad said in a statement it had raised £26.2m in gross proceeds through a conditional placing of 42,258,065 new shares in the company at 62p per share to institutional and other investors.

Majority shareholder IP Group will retain a 27.2% holding, valued at £17.2m at the placing price. The group said it committed £3.7m to the IPO.

Admission to the stock exchange is expected on 19 December.

Private equity investors in the firm include venture capital firms Parkwalk Funds and Unilever Ventures.

Previous funding
In October 2007, Seraphim Capital led a £2m series-A round for Mirriad, alongside existing investors including London Seed Capital, South East Growth Fund and Oxford Technology Partners.

The Oxford Technology Enterprise Capital Fund led a £2m series-B round of funding in Mirriad in October 2008.

Approximately half of the investment was provided by Oxford Technology Management, the managers of the Oxford Technology Enterprise Capital Fund and of the Oxford Technology VCTs. Existing shareholders provided the balance of the sum invested.

In September 2010, Oxford Capital and Scottish Television Group led a further expansion round. Extra capital came from existing institutional, individual shareholders, as well as Seraphim.

Oxford Capital subsequently structured a £500,000 round of growth capital funding in April 2011, which the investment firm followed with another £500,000 round in September 2011. The investor structured another round in July 2012, but terms of the deal were not disclosed.

In March 2013, Oxford Capital along with other investors structured a £3.65m round of growth capital funding.

Parkwalk Advisors structured a round of growth capital funding in May 2015, while in December Parkwalk structured another round with terms of the deal not disclosed.

Mirriad raised $15m from IP Group, Parkwalk Funds and Unilever Ventures in March 2016.

Company
Established in 2006 and headquartered in London, Mirriad has patented its technology, which applies to TV, computer and mobile screens.

Mirriad claims to have created a new advertising inventory for content owners by delivering content for advertisers that cannot be skipped. Its native in-video advertising technology embeds products, signage and even videos directly into content.

Rather than offering one-off product placement opportunities, the business provides multi-title content across multiple platforms and geographies.

It operates offices in New York, Mumbai, Singapore and Shanghai.

People
Mirriad Advertising – Mark Popkiewicz (CEO).

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