The company was officially listed on the ISDX Growth Market at the start of trading on Friday 8 April and will go under the stock ticker DGHL. It has listed around 58 million ordinary shares, giving the halal company a market capitalisation of £14.6m ($20.5m).
DagangHalal said it plans to use approximately £3.6m ($5m) of the net proceeds to “accelerate its growth strategy” by developing its sales and marketing departments, as well as exploring new international markets.
More than $1 trillion is spent on halal food and drink every year and the company expects this figure to rise to $1.6tn in the next two years. And DagangHalal hope the listing on the LSX will enhance its ambition of becoming the single-platform solution for business-to-business and business-to-consumer global halal trade.
“I am very pleased that DagangHalal has joined the ISDX Growth Market which is a milestone event for us,” said Mohamed Hazli Mohamed Hussain, DagangHalal’s CEO.
“Having considered various exchanges, we believe that ISDX is the most appropriate market for DagangHalal at the current time. With clear strategy in place and favourable market trends, including widespread internet use and smartphone adoption across the world’s Muslim population, DagangHalal now has the opportunity to further its position as a focal centre for Halal trade, one of the largest global markets.”
In February, this site reported DagangHalal planned to list its company shares at LSX and, at the time, Hussain said the move would help “consolidate” its market position.