Softline plans London IPO to raise $400m
Softline, a digital transformation company, is planning an initial public offering to raise $400m for expansion and acquisitions.
The company said it was considering a listing of global depositary receipts on the main market of the London Stock Exchange. The offer would be mainly of primary, or new, shares along with existing shares sold by current shareholders.
Softline, founded in 1993, helps companies to switch to digital operations by connecting them with vendors and supporting the systems. It had a turnover of $1.8bn in the year to the end of March, employs 6,000 people and operates in more than 50 emerging markets.
The company's biggest vendor is Microsoft. The companies have worked together for more than 25 years and Microsoft accounts for 48% of turnover, Softline said.
Igor Borovikov, Softline's chairman and founder, said: "Proceeds from the IPO will enable us to further invest in providing the best IT solutions and services to our customers and will support the development and execution of our ambitious growth strategy. This strategy combines organic expansion and complimentary M&A transactions, enabling us to continue to deliver a full range of IT services to a large and growing market of customers."