South-Auckland network interface technology company Endace is fuelling its global expansion by listing on the London Stock Exchange Alternative Investment Market.
The company, specialising in network security and measurement applications, expects to raise about 8 million ($20.5 million) from the placement of 4.9 million ordinary shares at 162p per share. Existing shareholders will sell a further 1.2 million shares.
The company is expected to receive net proceeds of about 6.8 million from the placement.
The capital will be used to establish a direct sales force, develop new marketing channels, invest in research and development, protect intellectual property, repay shareholder loans and aid employee retention.
Executive chairman Ian Graham says the float "will raise our profile internationally and allow us to market our leading network security solutions much more actively to our growing global customer base".
Founded in 2001, Endace posted pre-tax profit of US$800,000 ($1.1 million) on revenue of US$6.5 million for the year to March 31, up from $US500,000 on revenue of US$3.9 million the previous year.
Endace customers include government security agencies, international telecommunications companies and large corporates.
At year end the company had 92 customers in 16 countries and offices in the United Kingdom, United States, Australia and Japan. Since then it has gained a further 16 customers.
Endace's market capitalisation after the placement, which has been underwritten by Panmure Gordon UK, is expected to be 23 million. Trading will begin on June 15.
Endace finds its money in the UK
AdvertisementAdvertise with NZME.