The IPO of Manx Telecom is expected to raise £156.3 million from institutional investors, the company says, on the back of a 10 February admission.
The communications business, which provides fixed line, mobile and data centre services to companies and consumers, will reportedly secure a market capitalisation of £160.2 million through the listing.
Recent financial records show that Manx Telecom grew revenue by 4.7 per cent for the year ending 31 December 2012, and then followed that up with growth of 4.5 per cent for the half year ending 30 June 2013.
Mike Dee, CEO of Manx Telecom, says that the oversubscription of shares shows the ‘quality and hard work’ of the company’s employees.
‘We are a well-established business with strong ties to the Isle of Man and a reputation for excellent customer service, operating on an island with a resilient, growing and affluent economy,’ he adds.
‘The business is well-placed to take advantage of further on-island growth opportunities due principally to demand for 4G, faster broadband and data hosting services.’
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Dee also reveals that growth for the business away from the Isle of Man will be fuelled by its mobile technology platform.
Prior to taking up his role, Dee served as part of the BT team which set up the business and then managed it through the demerger of BT’s wireless operations from BT Group as well as the subsequent sale of O2 to Telefonica.
Through the listing, existing backers HgCapital and CPS Partners will be selling all interests, achieving a 100 per cent exit netting £67.2 million.
Manx Telecom will be using its admission proceeds to repay all outstanding senior debt and loan notes to achieve a ‘strong balance sheet’ to grow from.
