25th Mar 2021 14:15
(Alliance News) - ActiveOps PLC said Thursday it has raise GBP75.7 million gross for selling shareholders in its initial public offering on the AIM market in London.
ActiveOps said Investec Bank PLC, its nominated adviser and broker, placed 45.0 million shares at 168 pence. The shares sold in the IPO - all existing shares - represent 63% of the company's total.
Among those selling were Calculus Capital and ActiveOps Co-Founder & Chief Executive Officer Richard Jeffrey. Calculus retains a 6.1% stake, down from 29.3% before the IPO, while Jeffrey has 13.8%, down from 22.2%.
ActiveOps will have a market capitalisation of GBP119.8 million at the IPO price and will start trading on AIM on Monday.
The Reading, England-based company provides management process automation for large enterprises with complex, often global back-offices. The company offers its platform on a software-as-a-service basis, with 79% of revenue recurring. It has about 80 enterprise customers and 163 employees.
Revenue rose by 14% in financial 2020 to GBP20.4 million from GBP18.0 million.
ActiveOps didn't provide profit and loss figures on Thursday.
However in its filing with Companies House as ActivOps Ltd for the financial year that ended March 31, 2020, the company reported a pretax loss of GBP1.8 million, marginally widened on the year before.
"The IPO provides us with access to a blue-chip investor base while enhancing our credibility as we seek to grow our enterprise customer base," CEO Jeffery said.
He added: "The scale and increasing complexity of back-office operations provides us with an extensive market opportunity. Increasing regulation, automation and the changing dynamics of the workforce mean balancing customer service, efficiency and employee experience is more challenging than ever."
By Tom Waite; [email protected]
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