Liberum acts as Joint Bookrunner on £29m fundraising for Ricardo plc

We are pleased to announce that Liberum acted as Joint Bookrunner on a £29.3m fundraising for Ricardo plc. The fundraising included a £26.6m placing and subscription, as well as a £2.7m retail offer via PrimaryBid. The fundraise was oversubscribed and received strong demand from existing and new high-quality institutional investors.


A total of 8.8m new shares were issued at 333p representing 16.5% of the Company’s existing share capital.

The fundraise was executed to reset the capital structure of the Company, reducing leverage to achieve an appropriate level of balance sheet efficiency and resilience. The net proceeds will be used to pay down drawn debt facilities, resulting in increased headroom, lower net debt and lower adjusted leverage, and providing greater flexibility to:

  • Capitalise on opportunities for organic investment as they arise;
  • Meet working capital requirements associated with revenue growth; and
  • Enable Management to run the business for the medium-term in an unencumbered way, as the market recovers.

Liberum acted as Joint Bookrunner alongside Investec.

Liberum has been Corporate Broker to Ricardo since October 2017.

Liberum Team

Investment Banking - Richard Crawley, Richard Bootle, Ed Phillips, Miquela Bezuidenhoudt, Anthony Schia

Sales - Julian Collett, Jamie Vickers, Alistair Smallwood

Research - Ryan Gregory

Legal - Rebecca Gordon, Alice Foster

CIR - Joel Knight

Settlement - Rob Simpson, Mark Proctor

New York


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