Special purpose acquisition company Ondo Insurtech plc has become the first ‘insurtech’ business to float on the London Stock Exchange (LSE: ONDO).
The reverse takeover and readmission to trading of Ondo, formerly known as Spinnaker Acquisitions, raised gross proceeds of just under £3.5 million through fundraising comprised of a placing and subscription that will generate an estimated market capitalisation figure of around £8.2 million.
Law firm Hill Dickinson’s London Corporate team advised Ondo on the deal. The team was led by corporate partner Shantanu Sinha and legal director Francois de Lange, assisted by associates Amy Grosvenor and Emily Rawlins and paralegal Rachael Drabble.
We’re delighted to see this deal come to fruition in another business-first for the London Stock Exchange. Insurtech companies are following hot on the heels of the fintech boom and using technology to successfully disrupt the traditional insurance industry model. This is an exciting time for the Ondo management team and we wish them every success in taking their ambitious plans forward.Shantanu Sinha
Partner, Hill Dickinson
Ondo’s founder and CEO, Craig Foster commented:
“Shantanu and the team at Hill Dickinson have been a pleasure to work with through this acquisition and readmission process. I have been incredibly impressed with the resilience, agility and conscientiousness of the team in shepherding everyone involved through to a successful completion.”
The reverse takeover, readmission and change of name to Ondo Insurtech arose as a result of Spinnaker’s acquisition of Leakbot, a spinout company of FTSE 250-listed Homeserve with a patented water security system that prevents small leaks from turning into insurance claims.
Funds raised from the stock market listing will be used to develop partnerships, attract more customers and improve the company’s information technology system as LeakBot becomes Ondo Insurtech’s flagship product.