26th Jun 2015 06:48
LONDON (Alliance News) - Security software and hardware developer Sophos Group PLC on Friday said it has priced its upcoming IPO, with the company set to have a market capitalisation of around GBP1.01 billion at the start of conditional dealings.
Conditional dealings in the shares will start this morning. The offer price for the issue has been set at 225 pence per share, with the company to float 156.5 million shares, representing 34.8% of its issued share capital.
Sophos said it will raise around USD125 million in the offer, more than the USD100 million it said it expected to raise when it first announced its plans earlier this month.
The proceeds will be used to reduce the company's debt pile and to provide it with more flexibility to drive future growth, it said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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