Alfa float: London Stock Exchange set for £1bn IPO, its biggest of 2017 so far

 
William Turvill
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Alfa is set to float with a market capitalisation of £975m (Source: Getty)

A tech company worth nearly £1bn is making its way onto the London Stock Exchange today, marking the market’s biggest float of 2017 so far.

Alfa Financial Software today announced the successful pricing of its initial public offering (IPO) and entered the market for conditional dealing among investors who were allocated shares. Unconditional dealing is set to begin at 8am next Thursday, 1 June.

The flotation is expected to value the firm, which provides software to the likes of Barclays and Mercedes, at £975m. The company is floating 26 per cent of its shares to raise £254m.

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In terms of value, the Alfa IPO marks London’s largest so far this year, ahead of the likes of Global Ports Holding (£465m) and Eddie Stobart (£572.7m).

Barclays and Numis are joint global co-ordinators, joint sponsors and joint bookrunners on the float, while Rothschild is financial adviser to the company.

“This IPO represents a major landmark in the development of Alfa,” said Alfa’s executive chairman Andrew Page.

“I am delighted to welcome our new shareholders to the register. We have been thrilled with the level of support and interest we have had through this process from a wide range of blue-chip investors, and are looking forward to delivering further growth and success as a listed business.”

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Chief executive Andrew Denton added: “The asset finance market offers us many growth opportunities, and we are well placed to take advantage accordingly.

“We have an enviable market position based on the strength of our market-leading technology, our long-term customer relationships and our talented, hard-working teams around the world.

“With a track record of strong returns, the successful IPO of Alfa will assist us in continuing the momentum of the business in the years ahead.”

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