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Belfast IT firm Kainos to float on London Stock Exchange at £161m

By John Mulgrew

Published 07/07/2015

Firm pledge: Brendan Mooney, managing director of IT company Kainos
Firm pledge: Brendan Mooney, managing director of IT company Kainos

BELFAST-based IT firm Kainos is set to float on the London Stock Exchanges in an offering worth more than £160m.

The company is to place 37,691,763 ordinary shares at 139 pence per ordinary share. And the offer is expected to raise approximately £52.4m in proceeds for selling shareholders.

Kainos, which is one of Northern Ireland's largest locally owned IT services company, is to begin trading on the London Stock Exchange on Friday morning.

Brendan Mooney, chief executive of Kainos, said: "All of us at Kainos are delighted with the response we have seen to our IPO.

"The recognition investors have shown towards our business, our services and our leading position stands as testament to the hard work and commitment of our international team.

"The task for us now is simple – to maintain our growth trajectory. We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."

The firm helps the healthcare industry and the Government digitalise their work, and earlier this year added more than 400 jobs to its workforce.

The jobs will have an average annual salary of £30,000 and be created over the next five years at the firm's Belfast and Londonderry offices.

Kainos is now one of only three firms listed firms here, alongside fellow tech firm First Derivatives and UTV Media.

Head of Pinsent Masons Belfast Office, Paul McBride said: "Stepping up for IPO is a mark of Kainos’ ambition for their growth, and we were delighted to support their largest single shareholder during the process. As a regional economy, Northern Ireland has traditionally had very few listed companies, but with expertise on hand we see potential fit for many more firms to access investment via the markets."

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