Urban Exposure, the specialist development finance firm, has completed the largest AIM listing so far in 2018 after its shares opened for trading this morning.

Randeesh Sandhu of Urban Exposure

Following a fundraising of £150m, plus the additional shares owned by management, the company opened with a market capitalisation of £165m.

Randeesh Sandhu, chief executive of Urban Exposure said: “We are delighted to begin trading on AIM today after an excellent reception during the IPO process. Urban Exposure has a clear strategy to provide finance to residential developers around the UK and we look forward to utilising the funds raised as a balance sheet for lending while continuing to grow our third-party asset management business.

“To deliver the government’s housebuilding target of 300,000 homes per year, another £20.8bn of development finance is needed per year for the next decade - more than double the current market size. Building on our strong track record and aligning ourselves with the UK Government’s housing strategy, Urban Exposure is well placed to help plug this funding gap.”

Liberum Capital acted as nominated adviser, sole bookrunner and sole broker.