Xchanging has today announced that the offer price for its initial public offering has been set at 240 pence per ordinary share. This gives a market capitalisation of approximately £493m and a diluted equity value of approximately £525m.
The offer comprises 52,936,874 existing ordinary shares and 31,250,000 new ordinary shares (excluding any exercise of the over-allotment arrangement), representing approximately 41% of the company's issued ordinary share capital and a total offer size of £202m. The gross proceeds to be received by Xchanging from the issue of new ordinary shares are £75m.
“We are delighted to announce the pricing of the IPO,” said David Andrews, Xchanging chief executive. “We have enjoyed being able to talk to the market about Xchanging's story and are pleased with the response, as demonstrated by the strong demand and high quality shareholder base we have established. We look forward to life as a listed company and to being able to take advantage of the many growth opportunities open to us.”
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