British software and services company Servelec is set to float 68.3 million shares on London's main stock exchange. With an expected valuation of GBP122 million, the deal could be the biggest UK technology listing in three years, a report by the Financial Times said.
According to the report, Servelec is being sold off by Singaporean technology company CSE Global. CSE Global is exiting the British company to focus more on its Asia-Pacific operations.
Financial Times reported that Servelec had revenues of GBP39.4 million last year, with a profit before tax of GBP10.9 million. The company would be coming to the London market with no debt and GBP5 million in cash.
Servelec chief executive Alan Stubbs said Servelec joined the main market rather than the more flexible Alternative Investment Market (AIM) to attract bigger checks from institutional investors, the report said.
Stubbs will have a stake worth around GBP1.5 million on listing. Meanwhile, Schroders Investment Management and Henderson Global Investors are expected to hold 19.7% and 16% of the shares respectively on listing, said Financial Times.
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