In addition, the company also made a separate offer through the PrimaryBid platform. Applications for a total of 1,750,510 new shares of 1p each at the placing price have been obtained.
The listing was oversubscribed according to the company, and the combined issue will raise £36.5m.
“It is fantastic to see the strong demand from both institutional and retail investors, who support our vision of democratising access to venture capital, and specifically high growth, UK based technology start-ups,” said Nic Brisbourne, chief executive officer of Forward Partners.
“Through our listing, which was oversubscribed, we can take a longer-term approach to building stronger businesses. That is essential to developing solutions to the world’s problems and driving the UK’s economic recovery post pandemic,” he added.
Upon admission, and based on the placing price, the market capitalisation of the company will be approximately £134.6m.
The company intends to use the fund to make future investments, fund lending activities, and provide working capital for the group’s growth plans.
Admission, and commencement of dealings on AIM, are expected to take place at 8am on 19 July 2021.
Trading will take place under the ticker FWD.
Venture Capital-backed firms experienced strong returns last year despite the pandemic.