Freight management company Xpediator is to list on London’s junior market at 8am today.
Xpediator Group, which owns the Delamode, Pall-Ex Romania and Affinity brands, has successfully raised £5m as part of the float.
Headquartered in Braintree, Essex, the firm will have a market capitalisation of £24.2m after the initial public offering (IPO).
SP Angel is acting as nominated adviser and joint broker on the flotation, while Cantor Fitzgerald Europe is financial adviser and joint broker.
The business was founded as Delamode in 1988 by chief executive Stephen Blyth. The company now employs more than 600 people, with offices in Bulgaria, Lithuania, Estonia, Macedonia, Montenegro, Moldova, Romania and Serbia.
Xpediator will be using proceeds from the IPO for M&A activity and to accelerate organic growth plans.
Blyth said: “As an experienced provider of freight management services across the UK and Europe, our extensive understanding of transport and distribution especially within Central and Eastern Europe has drawn strong interest from investors.
“By taking the business public, we can now expedite our organic growth strategies as well as pursue targeted acquisitions to take advantage of a highly fragmented marketplace.”
It’s been a busy week on the Aim. Yesterday, two small firms floated on the junior market, following £190m-valued kettle safety firm Strix Group earlier in the week.
Clean technology company Verditek raised £2.75m when entertaining the market yesterday. Advised by Stockdale Securities, the IPO valued the company at £16.9m.
Also yesterday, Africa-focused exploration project generator Atlus Strategies entered the market. The company, advised by SP Angel and Beaufort Securities, raised £1.11m in a float valuing it at £10.8m.
Atlus chief executive Steven Poulton said: “Altus operates a fresh, disruptive and entrepreneurial ‘project generator’ business model in the mining sector.
“Our listing on Aim marks an important milestone for the company as we accelerate our growth through the discovery, acquisition and development of further projects in Africa. We are delighted to welcome our new shareholders to the register.”