Friday 13 November 2015 7:33 am

Tech firm Softcat prices London Stock Exchange IPO at 240p a share


Clara Guibourg is an Online Writer at City A.M. She can be contacted at clara.guibourg@cityam.com. She is particularly passionate about women in business, technology and telecoms.

Clara Guibourg is an Online Writer at City A.M. She can be contacted at clara.guibourg@cityam.com. She is particularly passionate about women in business, technology and telecoms.

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UK IT infrastructure and services provider Softcat has priced its IPO at 240p a share, giving the firm a value of £472.3m, a month after announcing its intention to float on the London Stock Exchange.

Softcat’s flotation will raise £153.4m, which could rise as high as £176.4m if additional shares are sold. Conditional dealings will begin at 8am today.

The IT firm’s chairman Brian Wallace said:

I am very pleased that the IPO of Softcat has been well received by the investment community, reflecting our track record and strong prospects.

This is a business with a unique culture, a passion for customer service and a management team with a sharp focus on shareholder value. These are strong foundations on which to begin life as a public company.

Credit Suisse and Jefferies International are acting as joint sponsors, joint global co-ordinators and joint bookrunners.

Softcat’s float adds to the flurry of IPO activity in recent weeks, with companies including retirement housebuilder McCarthy & Stone and shares registrar Equiniti rushing to list in London, .

Softcat expects to be eligible for inclusion in the FTSE at the quarterly review in March next year.

The Buckinghamshire-based company first announced its intention to list on the London Stock Exchange on 19 October.

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