A fundraising of £16.5 million has been completed by CityFibre Infrastructure following the company’s admission to the public markets.
The business, which owns, builds and operates fibre optic infrastructure, has joined the Alternative Investment Market (AIM).
CityFibre’s listing follows the awarding of a 20-year contract from Serco back in November to provide dark fibre connectivity to some 100 locations in Peterborough.
The funding collected from institutional investors will be put towards expanding the company’s fibre optic infrastructures and deploying infrastructure in selected regional cities.
Greg Mesch, CEO of the technology business, comments, ‘The IPO will enable CityFibre to accelerate its growth ambitions and continue to capitalise on a number of exciting opportunities.
‘Our development pipeline is already under way for 2014 in which we plan to bring further Gigabit cities online whilst continuing to invest in our established UK footprint.’
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CityFibre is the second technology company to join AIM during 2014, following on from video and data business Vislink.
After its admission and first day of dealings, CityFibre now as a market capitalisation of some £31.4 million.
‘The need for pure fibre connectivity continues to drive our business and we look forward to updating both the market and our shareholders on our strategic progress over the coming months,’ Mesch adds.