Malaysian IT systems integrator Teliti International is planning an Aim flotation that could give it a market capitalisation of up to £40m.
The company provides services to banks, government agencies and oil and gas companies. It plans to raise £12m through the IPO (initial public offering) to build a new data centre in Malaysia, where it will target new companies looking to create a base in Asia.
It also plans to extend its business operations across the Asia Pacific, south east Asia and Middle East.
Malaysia is a growth area for data storage firms due to new tax breaks and the low cost of energy.
Teliti had gross profits of 7.7m Malaysian Ringgits (£1.42m) in the year to September 2009. It expects to expand 25 per cent this year.
Teliti is a join venture between NTH Technology and the Armed Forces Cooperative of Malaysia.
Zimmerman Adams has been appointed adviser on the flotation.
Teliti joins a glut of companies planning IPOs on Aim this year, including insolvency firm Winterhill, Leaf Clean Energy, mining company Scotgold Resources, oil and gas explorer Kea Petroleum and Big Bear Group, the maker of Fox’s Glacier Mints and Sugar Puffs.
FAST FACTS | TELITI
It plans to raise £12m in a flotation that would give it a market capitalisation of £40m.
It posted gross profits of £1.42m last year.
It is a joint venture between the armed forces co-op of Malaysia and NTH Technology.