Servelec valuation approaches £150m as shares jump on debut
(City A.M. (UK) Via Acquire Media NewsEdge) SOFTWARE and services company Servelec yesterday floated its shares on the main market of the London Stock Exchange, reaching a valuation of £146.9m.
Servelec's software is used in the automation of utilities, broadcasters, lighthouses and North Sea oil rigs, a business that brought in revenues of £39.4m last year with profits of £10.9m.
Servelec is being sold off by Singapore's CSE Global, which bought Servelec in 2000, but is now selling it to focus on its Asia-Pacific operations.
Following its share price launch of 179p, Servelec jumped 20.1 per cent yesterday to 215p.
"We are delighted to have successfully completed our listing on the main market of the London Stock Exchange," said chief executive Alan Stubbs.
"Being a public company provides Servelec with a platform to capitalise on the numerous growth opportunities available for both Servelec Healthcare and Servelec Automation, which will help to generate value for all of our stakeholders," he said.
The company's healthcare business is smaller but more profitable as it faces competitors including Emis, Civica and Advanced Computer Software.
Servelec was advised by Investec on its stock market debut. It is listed under the ticker SERV.
(c) 2013 City A.M.
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