22nd Jul 2021 14:41
(Alliance News) - Shares in Microlise Group PLC rose on Thursday as it made its debut on the AIM market of the London Stock Exchange.
Microlise shares were trading up 7.5% at 145.1 pence each from the initial admission price of 135p per share. At its current price, Microlise has a market capitalisation of GBP168.2 million.
The Nottingham, England-based company provides transport management software that helps companies including Hovis and Yodel more efficiently manage their commercial vehicle fleets. Founded in 1982, Microlise now has over 500,000 vehicle subscriptions and generates revenue of GBP50.0 million.
On admission, Microlise raised GBP61.2 million, with GBP18.6 million going to the company and GBP42.6 million being allocated to existing shareholders.
Microlise intends to use the IPO proceeds to extend its product offering and expand international operations, potentially through acquisitive growth.
Chief Executive Nadeem Raza said: "This is a fantastic day for Microlise. With an established track record of growth, proven management, and a market-leading position in providing technology solutions to fleet operators, Microlise is well set to capitalise on what we believe to be a major growth opportunity.
"The challenges of the pandemic and Brexit have raised even greater awareness of the need to optimise the movement of goods efficiently and sustainably. Our IPO will support the next stage of our development, including expanding our international business, and entering new market segments."
By Will Paige; [email protected]
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