Doorstep lender Morses Club has earned proceeds of £65.8m following its launch on the Alternative Investment Market (AIM) last week.

The firm, using the ticker ‘MCL’, offered 129.5 million ordinary shares on the AIM, with a free float of approximately 44%.

Paul Smith, Chief Executive Officer of Morses Club, said: "We believe that Morses Club has great potential, not only because of our products and the personalised nature of our services, but also because the UK  home-collected credit market is changing.

“Both market consolidation and increasing digitisation represent attractive opportunities and we believe that following our admission to AIM we are well placed to make the most of these opportunities for the benefit of our shareholders."

The placing price of the shares was set at 108 pence each, putting the market capitalisation of Morses Club at approximately £140m.

Global law firm Dentons advised Morses Club on the initial offering.

Jonathan Polin, Corporate Partner at Dentons, added: “We believe that the company will be in a prime position to take advantage of the consolidation opportunities that may arise within the home-collected loans industry, following the Financial Conduct Authority’s [FCA] regulatory changes in 2014.”

The FCA took over regulation of consumer credit firms from the Office of Fair Trading in April 2014, introducing stricter measures such as requiring greater clarification in advertising.

Morses Club is currently the second-largest   home-collected lender in the UK, with approximately 200,000 customers across 100 locations.

Founded as a drapery store over 130 years ago, it has been offering home credit since 1997.