Commercial law firm Hill Dickinson has advised insurance technology company Ondo InsurTech plc on its placing and open offer, which involved the preparation of a prospectus.
The secondary fundraising consisted of a placing by way of an accelerated bookbuild and an open offer to qualifying existing shareholders of the company, which in aggregate raised gross proceeds of £4.2 million. Funds raised will be used by Ondo to build and expand its operations in the US.
Ondo InsurTech is a leading claims prevention technology company for home insurers. The company’s shares are admitted to the Financial Conduct Authority’s Official List and to trading on the London Stock Exchange’s main market for listed securities.
Advising Ondo throughout the process was a team from Hill Dickinson led by partner Shantanu Sinha and associate Emily Rawlins, supported by Martha Morrow, a paralegal, all from the firm’s London Corporate team.
Commenting on the transaction, Shantanu Sinha said: “Having advised Ondo InsurTech first on its IPO and then on its reverse takeover, we have now led on two rounds of funding – one in December last year and the current round – and we are delighted to see the support received by the company from the investor community. The success of these two fundraises marks a significant point in the company’s growth plans and we wish the Ondo management team every success in taking their ambitious plans forward.”
