Aviation travel software company, Datalex is seeking to raise €25 million in equity.

The plan will see existing major shareholders including businessman Dermot Desmond buying almost €15 million of shares.

There will also be an 'open offer' among existing share holders and a 'share placing' among stock market investors.

The company said the proceeds will go towards paying debt and raising working capital.

It said it plans to raise €14.7 million by way of a 'cornerstone placing', which is committed through a combination of commitments from existing chareholders, comprising IIU Nominees Limited, Pageant Investments Limited and Mr Nicholas Furlong.

In addition, IIU Nominees, Pageant and Mr Nicholas Furlong have each undertaken to participate in the open offer in respect of their respective eligible pro rata entitlements, being in aggregate €2.1 million.

The company said it plans to raise €4.2 million through 'firm placing' and €6.1 million through 'placing' and 'open offer' of newly issued ordinary shares in the company.

It said the 'firm placing' and 'placing' are being conducted by way of an accelerated bookbuild, which will be launched immediately following this announcement.

Goodbody is acting as Bookrunner in respect of the firm placing and placing.

The new ordinary shares will be issued at a price of €0.50 each.

The company is also proposing, subject to shareholder approval, to cancel the listing of the existing ordinary shares on the official list and to remove the existing ordinary shares from trading on the regulated market of Euronext Dublin and to apply for admission of both the existing ordinary shares and the new ordinary shares to trading on Euronext Growth.

It said it is intended that Euronext Growth admission would take effect immediately on that Delisting.

It said Euronext Growth is a more "suitable" regulatory environment for a business of Datalex's size and structure, and provides more "flexibility" in relation to corporate transactions, should such opportunities or initiatives arise or become relevant to the Group in the future.