Dataflex floating at £130m

By THIS IS MONEY
Updated:

 

A company which was a £500,000 management buyout from Alan Sugar's Amstrad three years ago will join the stock market next week valued at more than £130 million.

Following a fortnight of institutional presentations, brokers WestLB Panmure today priced Dataflex shares at the top end of expectations at 195p. That values the company at £130.2 million and the shares are expected to go to a premium when dealings begin next Thursday.

Chief executive Jacob van Houdt said: 'I was delighted by the positive response we received from institutions and the fact that the pricing is at the very top end of the range shows that the City believes in what we have achieved.'

Dataflex began life as a modems manufacturer and now builds the hardware used by alternative telecoms companies to compete with BT. Today the company also announced the appointment of former Cable & Wireless executive Edward Astle as its non-executive chairman.

The share placing has raised £9.4 million of new cash and post float the directors will own 45% while venture capitalist MTI holds 30% with the remaining 25% on the market.

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