Softcat prices IPO at 240p a share
IT infrastructure and services provider Softcat has priced its initial public offering at 240p a share – the middle of the expected range – giving it a market capitalisation of £472.3m.
Softcat said the IPO consisted of 63.9m shares with an over-allotment of 9.6m shares, and represented around 32.5% of the issued share capital.
Chief executive officer Martin Hellawell said: “"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.”
The company, which resells software from the likes of Microsoft and Apple, said it will not receive any proceeds from the float, which will allow its founders to sell down their stakes.
Founder Peter Kelly took the opportunity to cash in as the stock rocketed 20%, selling more than £80m worth, leaving him with a one-third stake with a value of around £180m, while Hellawell sold a third of his stake.