HgCapital makes #22m from IPO

UK mid-market firm HgCapital will make £22m from the sale of ClinPhone following its IPO on the London Stock Exchange. The IPO will generate a capital profit of £25.7m, representing an IRR of 37% for the 1996 investment. HgCapital will retain a 6.2% stake following flotation. The shares were listed at 148p per share, giving the company a market capitalisation of £91.4m.

HgCapital Trust, the listed vehicle, is also making a partial exit, earning itself £5.8m and retaining shares worth £1.5m at the issue price.

Based in Nottingham, Clinphone supplies technology solutions to the clinical trials industry. It was founded in 1993 and received private equity backing three years later. It now employs 430 staff and supports over 1,200 clinical trials.