Vestpa plc, a company recently established to buy controlling interests in businesses in Europe, North America or Asia, has joined AIM.

The company has a market capitalisation of some £3.7 million after it raised £3 million when its ordinary shares were priced at 1p each.

The proceeds will be used to identify and fund due diligence reviews of potential acquisition targets.

Vestpa will focus on acquisition targets in the investment, consumer goods, engineering, industrials, leisure and hotels, media and entertainment, professional and support services, retailing, technology and telecommunications sectors.

“We are very pleased to have completed this successful IPO and have been encouraged by the strong investor support for our plans,” Vestpa’s executive director John McLean said. “We will now begin the task of evaluating a number of companies.”

Vestpa’s nominated adviser and broker was Blue Oar Securities plc, while its legal adviser was FMSS, led by June Paddock and Daniel Joll.

Paddock believes the company will be successful as it is backed by Albany Capital plc and has a well-known management team.

“The transaction involved the admission to trading on AIM of newly-incorporated Vestpa plc and a concurrent fund-raising,” she said. “The objective of the company is to establish a controlling interest in another entity in Europe, North America or Asia.”

Chantrey Vellacott DFK was reporting accountant, led by corporate finance partner Ian Staunton. Staunton said: “We were delighted to assist Vestpa in joining AIM and look forward to assisting this well established management team in achieving its objectives.”