Software program agency Bytes Group is aiming to lift as a lot as £455m from its preliminary public providing because it cashes in on the rise in dwelling working.
The Surrey-based firm at this time mentioned it is going to promote as much as 172m new shares at a goal value vary of between 240p and 290p per share, giving it most complete takings of £455.4m.
The itemizing, set to happen on or round 11 December, will give it a market capitalisation of as much as £692.3m.
Bytes Group final month unveiled plans for the float, which is able to see the agency demerge from its South African father or mother firm Altron and pursue a major itemizing in London and a secondary itemizing on the Johannesburg Inventory Trade.
The proceeds of the IPO can be used to cowl bills and pay again the money attributable to Altron and its shareholders in reference to the demerger. Bytes won’t retain any of the cash.
Bytes, which employs greater than 650 folks within the UK, focuses on safety and cloud merchandise. It boasts numerous blue-chip prospects and is one among Microsoft’s largest companions within the nation by income.
The corporate has grown sharply over latest years, cashing in on the continuing shift to cloud computing in addition to an increase in dwelling working as a result of coronavirus pandemic.
Bytes has mentioned a list in London will permit it to construct on this development with an enhanced market profile.
“With an distinctive set of colleagues and a rising buyer base, we consider that being a listed firm will present us with a robust platform for our subsequent stage of improvement,” mentioned chief government Neil Murphy.
Bytes has employed Numis Securities to behave as sole sponsor, monetary adviser and bookrunner on the float.
Author: ” — www.cityam.com ”