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IT group Softcat to raise £153.4mln in market listing

The offer price will be 240p per share, valuing the company at £472.3mln

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Founders, management and staff will sell about a third of the company

IT group Softcat is raising about £153.4mln in an initial public offering on the London Stock Exchange.

The founders of Softcat, senior members of the management team, and certain current and former staff will sell shares worth about 32.5% of the company's issued share capital.

The offer price will be 240p per share, leaving the company with a market capitalisation of £472.3mln.

Softcat is expected to list on the market on November 18.

It also said it had appointed Vin Murria to its board of directors as an independent non-executive director.

Murria has significant experience in the IT services market and is also a non-executive director at propertry group Zoopla and Greenko.

Softcat chief executive Martin Hellawell said: "The successful pricing of our initial public offering on the London Stock Exchange reflects the very positive response we have received from institutional investors as we have shared our equity story in recent weeks.

"We are delighted with the outcome of the IPO process thus far and now look forward to fully focusing on the running and future development of our business."

Quick facts: Softcat

Price: 1158 GBX

LSE:SCT
Market: LSE
Market Cap: £2.3 billion
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