Bytes’ valuation could be around £700m following IPOwritten by Bella Palmer
The price range for its offer will be set at between 240 pence and 290 pence, implying a valuation of between £573.9m and £692.3m
Bytes could see its valuation near £700m when it IPOs later this month. The software reseller today released further information on its plans to publicly, saying the price range for its offer will be set at between 240 pence and 290 pence. This implies a valuation of between £573.9m and £692.3m.
CEO Neil Murphy said: We have a proven business model and continue to see high demand for our software offerings and solutions this year. We have continued to achieve double-digit percentage growth in gross profit through September and October, albeit lower than the 16% growth we achieved in the first half.
As previously signalled, there has been some softening in corporate spend but continued expansion in public sector spend. As a business we have continued to invest in additional headcount this year as we prepare to operate as a listed company and to take full advantage of the strong growth opportunities we see in the coming years, he said.
Murphy said, with an exceptional set of colleagues and a growing customer base, we believe that being a listed company will provide us with a strong platform for our next stage of development. We are excited about the future and are delighted to give a broader audience of investors the opportunity to become shareholders in Bytes Technology Group.
Earlier in the year Bytes parent Altron revealed plans to list the UK-based firm as a separate entity, believing its true value is not reflected in Altron's share price.
Murphy last month told CRN that the listing would take place in December, with Bytes set to be listed on the stock markets in London and Johannesburg.
Bytes said that it expects to be eligible for inclusion on the UK's FTSE indices when it becomes a public company.
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