ClinPhone, a specialist supplier of technology to the clinical trials industry, announces the successful completion of its initial public offering on the London Stock Exchange
The offering raised a total of £56.3 million, net of expenses, from the sale of new and existing shares to institutional investors at a price of 148p per share.
At the offering price, the company will have a market capitalisation of £94.1 million on listing.
Investec Bank (UK) has acted as sole sponsor, financial adviser and underwriter to the offering.
The offering comprised a total of 40.7 million ordinary shares consisting of 13.75 million new shares and the sale of 26.9 million existing shares by certain selling shareholders.
The company has raised proceeds of £18.1 million from the offering which will primarily be used to reduce bank borrowings and pay for the costs relating to the flotation.
The number of shares in issue at listing will be 63,553,569 million.
Directors and senior managers holding 6,418,854 shares in aggregate representing 10.1 per cent of the issued share capital on admission are subject to lock-ups of 12 months following admission to listing.
Certain other existing shareholders holding 13,743,100 shares in aggregate representing 21.6 per cent of the issued share capital upon admission are subject to lock-ups of six months following admission to listing.
Admission to the Official List of the Financial Services Authority and commencement of dealings on the London Stock Exchange's main market are expected to take place at 08:00 GMT on Friday 23 June 2006 under the ticker symbol CNP.
Commenting on the announcement, Steve Kent, chief executive officer of ClinPhone, said: "We are delighted with the success of the IPO, particularly in light of the recent volatility in the markets.
"With around 80% of today's drug trials still being carried out using inefficient, paper-based methods, there is a clear opportunity for technology to transform the clinical trial process.
"ClinPhone is driving the transfer to the use of technology solutions in this market and, with the proceeds and raised profile from the IPO, we believe that the company is strongly positioned to expand its presence in this market."
