MADRID: LLYC is planning an initial public offering of new shares with the hopes of raising 10 million euros, the agency said on Wednesday.
Open to both institutional and retail investors, the company has applied to be listed on Spanish stock market BME Growth. The move was approved at its general shareholders meeting earlier this month.
The funding would go toward boosting LLYC's growth strategy -- the firm wants to double its size over the next five years -- and consolidating the company's place in the international sector, according to LLYC's founding partner and chairman Jose Antonio Llorente.
"The communications sector presents an excellent growth outlook, particularly in sectors connected to the opportunities offered by exponential technologies – a field where LLYC is very well positioned thanks to our in-house talent, our extensive knowledge and the ecosystem we have developed through alliances and partnership agreements,” Llorente said in a statement.
To achieve this growth, the company is planning to integrate exponential technologies into its portfolio, find acquisitions to broaden the firm's offerings, establish strategic alliances to break into geographical markets and drive organic growth above market averages, acting as a platform for expansion and cash generation.
In April, French private equity firm MBO & Co sold its 30% stake in LLYC back to the firm's partners after meeting its investment objectives, and in May LLYC acquired performance and digital consultancy Apache.
At the start of 2021, Juan Felipe Muñoz was made LLYC's U.S. CEO, replacing Carlos Correcha-Price.
In 2020, LLYC, which rebranded from Llorente & Cuenca in 2019, posted 1% revenue growth to $48.9 million. However, its revenue declined by 9% in the U.S. to $2.4 million, according to PRWeek’s Agency Business Report 2021.