13th Nov 2015 08:38
LONDON (Alliance News) - UK IT infrastructure provider Softcat PLC Friday prices its initial public offering at 240.00 pence per share, giving it market capitalisation of GBP472.3 million.
Softcat began condition dealings Friday, and the stock was trading up 15% at 175 pence shortly after the market open. Unconditional dealings are expected to begin next Wednesday.
Softcat will offer 63.9 million shares at this price in its initial public offering, with a further 9.6 million shares being made available pursuant to an over-allotment option. It expects to raise GBP153.4 million, or GBP176.4 million is the over-allotment option is exercised in full.
This offer represents around 32.5% of the company's issued share capital, or 37.4% including the over-allotment option.
"The successful pricing of our initial public offering on the London Stock Exchange reflects the very positive response we have received from institutional investors as we have shared our equity story in recent weeks. I welcome our new institutional shareholders as key stakeholders in our company," said Chief Executive Officer Martin Hellawell in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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