Conference call start-up LoopUp lands £40m IPO
AIM listing marks "new milestone" for London company which recently generated revenues in excess of £10m...
LoopUp, a Shoreditch-based conference call start-up, has been valued at £40.8m after floating on the Alternative Investment Market (AIM); the junior market of the London Stock Exchange.
With shares priced at 100p, the company raised £8.5m from investors in the AIM listing with its founders, Steve Flavell and Michael Hughes, continuing to own 6.6% of the company each – valued at £2.6m.
Initially launched as Ring2 in 2003, LoopUp develops software to improve conference calls for businesses by enabling easy addition of guests, reduced background noise and the ability to share content while on a call.
1,850 companies are said to currently benefit from the service including currency exchange service Travelex, hotel-booking site LateRooms.com and private equity firm Permira. LoopUp hit revenues of £10.1m in 2015.
Flavell commented: “The completion of the IPO process marks an important and exciting milestone on LoopUp’s journey as a UK-headquartered and internationally-minded technology company, and provides a significant catalyst for our continued growth.”