Investors bid up Auction Technology price

Online auctions provider Auction Technology Group (LON: ATG) got off to a strong start in its first week on the Main Market. Boosted by Covid-19 restrictions making normal auctions more difficult, demand for online auctions has boomed in the past year.

The company raised £247.4m at 600p a share, while existing shareholders pocketed £51.5m after the over-allotment option was exercised. The company was valued at £600m. There was a 30% gain at the end of the first week of trading.

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The genesis of the business was the trade magazine Antiques Trade Gazette and it still generates n...

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.