SSP Holdings (SSP), the holding company of Software Solutions Partners Limited, has seen its share price rise from 98p to 105.5p after its first day of trading on AIM.

SSP Holdings (SSP), the holding company of Software Solutions Partners Limited, has seen its share price rise from 98p to 105.5p after its first day of trading on AIM.

The placing price of 98p per share has given SSP, which supplies software to insurance and brokers, a market capitalisation of approximately £70 million. The gross fundraising from the flotation of £31 million is comprised of £15 million raised for the company, and £16 million raised on behalf of existing shareholders. KBC Peel Hunt is the company’s nominated adviser and broker.

David Rasche, SSP executive chairman, comments: ‘We have a strong track record of profitable growth, which we believe will continue into the future. The listing will enable us to pursue our strategy of consolidating our market leading position and to continue our expansion into continental Europe.’

SSP states it has ambitious growth plans which, during the past three years, has seen revenue growth of approximately 59 per cent to £30.7 million over the past three years.

Rasche says: ‘We have received a strong reception from investors and are delighted to be listing on AIM, as this not only provides greater financial strength and flexibility for the future, but will help us to continue to attract and retain top quality people which is fundamental to delivering high quality service.’

The company’s share price on 3 October had risen to 106.25p.