When ships are launched, the dignitary that has the honour of christening the newly-built ship smashes a bottle of champagne off the hull. Wednesday morning saw the good ship Rangers International Football Club plc launched on the AIM market.
There may not have been much smashing of champagne bottles against Ibrox stadium, but there would have been plenty drank throughout the day as Rangers chief executive Charles Green and his directors watched on with glee.
After initially looking to raise £20 million, Green amended that amount following institutional investment pledges of around £17 million to £27 million. He thereafter ringfenced around £10 million worth of shares for fans to purchase, but could only manage to sell just over £5 million worth of shares when the share issue was closed on Tuesday afternoon at 1pm.
When the market opened on Wednesday morning, the admission listing price of 70p climbed strongly to 77.98p at around 11.30am, with some investors taking advantage of the near-8p increase to make a tidy profit early on.
The market closed with Rangers International Football Club plc sitting at 76p, in-depth statistics of this can be viewed on www.forex.academy.
H20 Markets strategist Michael Jarman told BBC News that Rangers “offered good value” as it looks to get back to Scotland’s top tier quickly and free from institutional debt.