London-based housebuilder Telford Homes has £12m to spend on its landbank after it raised £4.4m by listing on the alternative investment market and securing lending facilities.
Telford has bucked the trend among housebuilders to go private. It offered about half of the company to investors on the AIM and found that its shares were oversubscribed.
The company has a market capitalisation of £10.1m.
Chief executive Andrew Wiseman said: "These funds, together with our existing banking facilities, will allow us to continue to develop the business by selectively acquiring new sites for development.
"We have nine sites in the City and Docklands area of London and have a good run at building up the company."
Wiseman denied that the firm was looking to make acquisitions, although he added that it "would be nice" if larger rivals bid for his firm, which was founded last December.
He added that Telford's order book was strong and that he was surprised to have made a profit in the company's first year of trading.
