Elephant floats for first time

Elephant Loans & Mortgages has listed on the Alternative Investment Market of the London Stock Exchange for the first time.

The company continues to exceed budget with October being a record month for turnover and profits and company directors are confident that the financial forecasts specified in its AIM admission will be achieved.

All shares have already been sold level of demand was higher than expected resulting in over-subscription. Elephants market capitalisation is valued at 6.3m and over 21 million shares were issued at 3p which represents a total of 10.34% of the issued share capital immediately following placing. This was 650,000 gross proceeds for company.