In a move highlighting continued development in the world of concierge services, a global firm has held an IPO, raising proceeds before costs of around £18 million.

A global concierge firm, Ten Lifestyle Group, has floated on London’s Alternative Investment Market and raised about £18 million ($24 million) before costs, paving the way for more expansion in a sector that has grown alongside the rise of wealth in parts of the world.

The business describes itself as a “technology-enabled lifestyle and travel platform providing trusted concierge services to the world’s wealthy and mass affluent”. Significant shareholders in the firm include Old Mutual Asset Managers, Herald Investment Trust, Soros Fund Management, Jupiter Fund Management, and Baillie Gifford.

Financial clients of the firm include Coutts, Investec and swisscard. Ten caters to private individuals and corporate clients.

The offering, announced last Friday, involved a conditional placing of 13,432,836 new ordinary shares to be issued and 10,589,752 existing ordinary shares to be sold by existing shareholder at 134 pence per ordinary share. Based on the placing price, Ten Lifestyle Group has a market capitalisation on London’s Alternative Investment Market of £104.8 million, it said in a statement.

Gross proceeds before costs from the IPO stand at about £32 million, it said.

The firm will use net proceeds payable to it for investment in technology, content and operational infrastructure, investment in new markets and for general corporate purposes.

“We already have 20 offices around the world and the traction our business model and technology platform has generated in our target expansion markets will now be supported by significant investment,” Alex Cheatle, chief executive and co-founder of Ten, said.

Bruce Weatherill, chairman of Ten, said: “The response to our fund raise from investors has been gratifying.  Ten Lifestyle Group is a UK headquartered business with a truly international offering that has the potential to become a global leader in its field.” (Weatherill is also chairman of ClearView Financial Media, publisher of this news service.)

The business opened its first office, in London, in 1998. Operating worldwide, Ten says it provides 365-days-a-year coverage, in multiple language groups.

The concierge sector has grown alongside that of the wealth management sector, providing affluent and high net worth clients with services as varied as help with travel, accommodation, luxury experiences, health and education, security and access to sports and recreation. Firms in this concierge space include Alberta La Grup, Quintessentially, One Concierge, Pure, and Bon Vivant.