Debt advice provider Accuma is meeting strong demand for its shares ahead of an imminent flotation on AIM.

The Manchester-based group, which organises Individual Voluntary Arrangements (IVAs), now expects to raise £4 million, 60 per cent more than the £2.5 million it was initially seeking through broker Daniel Stewart. This should value the fast-growing company at £16.3 million.

Chief executive Charles Howson praises his ‘excellent management team’, which has won the group a six per cent share of the IVA market, only a year and a half after Howson bought the outfit in October 2003. Accuma is the second IVA specialist to join AIM, following Debt Free Direct in December 2002.

Since then Debt Free has grown quickly and now turns over more than £600,000 a month, four times Accuma’s revenue, with a 22 per cent market share and a market value of £53 million. Howson hopes to grow Accuma through advertising as well as relationships with credit providers, who can refer clients to Accuma. With interest rates expected to rise in the coming months, as well as the property market cooling, the economic climate could also favour this growth plan.

Accuma is expected to join AIM on Wednesday 9 March.