AdEPT Telecom has successfully listed on the Alternative Investment Market (AIM) of the London Stock Exchange. A total of 5.8 million common shares at a price of 140 pence were placed to institutional and other investors in the UK and Europe. The net proceeds of €11m will be used to repay debt and to finance further acquisitions.
Swiss private equity firm Invision invested in the company as a lead-investor in May 2003 for an undisclosed sum and held an 18% pre-IPO equity stake. Invision will remain one of the largest investors in AdEPT Telecom and plans to further support and back the company.
AdEPT is a fixed-line operators and provides fixed-line calls, line rental and broadband to business and residential customers. Since starting activity in 2003, the group has acquired 11 smaller companies, taking an average of six weeks to turn each one around from breakeven to around 20% EBITDA profitability.
The first days of the company’s trading showed a healthy demand and the stock closed at 160 pence, representing a 14% increase over the placing price. The company is currently valued at €49.6m.