Saturday 17 March 2018

Kainos to float on London Stock Exchange for €228m

Kainos: IPO set to raise £52m in shares. Photo: Reuters
Kainos: IPO set to raise £52m in shares. Photo: Reuters

Paul O'Donoghue

Belfast-based IT firm Kainos is set to list on the London Stock Exchange in a move that will value the company at £161.3m (€227.5m)

The firm will make a placing of 37,691,763 ordinary shares at 139 pence each.

The IPO on Friday is set to raise £52m in shares, and values the company at £161m. Investec acted as the financial adviser and broker to the deal.

Kainos Group, which counts firms such as Netflix, Diageo and Travelex as clients, generated revenue of £60.8m and profit before tax of £11.8m in the fiscal year to the end of March.

Kainos specialises in a variety of digital technology services, software design and agile development as well as third-party software integration and implementation services. The company has about 730 staff across seven offices in the UK, Poland and the United States.

The flotation will make it one of three publicly listed companies in Northern Ireland, along with First Derivatives in Newry and UTV Media.

Kainos's chief executive Brendan Mooney said the company had been "delighted" by the response to the initial public offering. "The task for us now is simple - to maintain our growth trajectory," he said.

Irish Independent

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