Shoreditch conference call startup LoopUp floats on the London Stock Exchange’s junior market today.
The initial public offering (IPO) values the company at £40.8m and has raised gross proceeds of £8.5m at a placing price of 100p.
The startup makes software to streamline the process of conference calling for businesses, reducing muffled noises and allowing users to share content while speaking.
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“The completion of the IPO process marks an important and exciting milestone on LoopUp’s journey as a UK-headquartered and internationally-minded technology company, and provides a significant catalyst for our continued growth,” Steve Flavell, co-chief executive of the firm, said.
“The reception from investors has been positive and encouraging, and reinforces our belief that our differentiated product, business model and plans for the future provide the foundation needed to deliver on our potential as a public company.
“Our focus will continue to be on delivering an exceptional product and service to our customers around the world, supported by the funds we’ve raised and emboldened by the faith our new shareholders have placed in us. These are exciting times.”
LoopUp announced plans to float on the alternative investment market (Aim) by the end of the month on 8 August.
BEHIND THE DEAL
Fred Walsh – Panmure Gordon
- This marks a first float in August – known as a quiet month for IPOs – for Panmure’s head of TMT investment banking.
- The 39-year-old plays rugby for Old Haileyburians RFC (despite having a formal policy of not training with the team) and is also on Panmure’s cricket team.
- Walsh and his team first came across LoopUp because Panmure is a client of the service. Walsh said: “I think it was helpful the fact that our team had actually used the product and could say: ‘Look, we’re clients of yours, we use the product, we think if people do use it then they’ll realise how good it is.’ And interestingly, some of the fund managers that they saw on their roadshow have actually been signed up to start using the product.”
Alina Vaskina and William Wickham worked on the corporate finance side with Walsh, while Erik Anderson and Amy Sarra were on corporate broking.