IT firm Instem set to list on AIM
A Staffordshire IT firm with a focus on the healthcare market is set to list on AIM as it seeks to launch an acquisitions drive.
Instem, which employs 102 people in eight separate locations around the world, specialises in helping the pharmaceutical and biotech industry increase productivity and automate the processes that lead to safer and more effective products.
Its initial public offering is set for Wednesday, with a placing of 5,228,376 new ordinary shares at a price of 175p pence per share, giving a total placing of £9.15 million
On admission to trading on AIM, the company will have a market capitalisation of £20.5 million.
The firm, which reported revenues of £9.8 million in 2009 and whose clients include GlaxoSmithKline and AstraZeneca, said it was actively seeking acquisition opportunities.
Instem chief executive Phil Reason said: "We have established a profitable, cash-generative business which is a leader in the niche market of early drug safety assessment.
"With fiscal and regulatory pressures driving the need for our solutions, we believe we now have a strong platform from which to achieve accelerated growth through the entry into complementary markets and geographies.
"The IPO will play a key part in helping us achieve these goals, raising our profile and providing access to the capital markets as we seek to further our growth through acquisitions.
"We look forward to the continued growth of Instem and a successful future as a public company."
Brewin Dolphin is acting as broker and nominated adviser for the firm.