29th Mar 2021 11:11
(Alliance News) - Shares in ActiveOps PLC rose by 11% on Monday morning in their first day of trading on the AIM market in London.
ActiveOps shares were quoted at 187 pence before midday, compared to the 168p placing price for its initial public offering.
The IPO raised GBP75.7 million gross for selling shareholders and gave ActiveOps a starting market capitalisation of GBP119.8 million.
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.
ActiveOps had said last Thursday that Investec Bank PLC, its nominated adviser and broker, placed 45.0 million existing shares in the IPO, 63% of the company's total. No new shares were sold.
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%.
"Increasing regulation, automation and the changing dynamics of the workforce mean back-office operations are becoming ever more complex," Jeffery said on Monday. "We see a clear and growing need for our offering, which through the enhanced credibility and profile of our IPO we are increasingly well-placed to deliver."
By Tom Waite; thomaslwaite@alliancenews.com
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