The company currently broadcasts entertainment and advertising to more than 1.3m 18- to 24-year-olds in more than 250 installed sites across the UK.
Avanti chief executive David Williams said: "The funds we have raised will allow us to accelerate the growth of our target audience by reducing installation costs."
Avanti produces the programming and sells the advertising for its customers. Its client list includes First Leisure, owner of the Works and Creation-branded nightclubs, and Barvest, owner of the bar/club chain Po Na Na.
The company was formed by the acquisition of Translucis Retail TV in June 2003, which made the combined entity the UK's largest player in the field of retail television.
The shares floated on the Alternative Investments Market at a launch price of 130p a share.
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