Shares in Gamma Communications (LON:GAMA) rose to a premium in the first hour of their debut day on AIM backed by decent demand for the stock.
Floated at 187p, the stock raced to 201p, valuing the business at £177mln. It raised almost £83mln through the flotation.
Gamma’s float will be the second-largest UK telecoms listing since 2000 based on capital raised, beaten only by Manx Telecom in February.
The company provides services such as business-grade broadband, Ethernet and mobile and data services.
It said recently an AIM float would help raise its profile and credibility as well giving it better access to the public sector and large businesses.
The results for the six months to June 30 revealed Gamma generated £10.9mln in EBITDA on revenues of almost £84mln.