The company raised €6.7m (£6m) before expenses as part of the admission process. Its oversubscribed placing of 60,000,000 shares of 10p each implies a market capitalisation of around €21.6m (£19.3m).
The company was founded by Waterford couple David and Sandra Whelan just over three years ago, and has grown from a small staff of four to 22 in that time. The proceeds of the IPO will be used to further expand their Waterford base, as well as the opening of a London office.
VR Education uses virtual reality in digital education and corporate training. Its ENGAGE platform, offers users the capability to hold lessons, meetings and presentations in a secure, virtual, multi-user environment.
ISE Chief Executive Deirdre Somers said that it is “fantastic to see VR Education Holdings, an ambitious Irish tech company at a relatively early stage of their development, utilise the ESM to access international pools of capital to deliver the finance they need to fuel their growth”.
Listen to CEO David Whelan’s interview with Julie Smyth on WLR’s The Hot Desk here:
Seamus Larrissey, David Whelan CEO VR Education, David Breen, Jenny Kiely & Sandra Whelan COO VR Education