Top IT firm Kainos to go public with £161m deal
One of Northern Ireland's most successful IT companies, Kainos, is set to list on the London Stock Exchange in a deal worth around £161m, as it celebrates its best-ever financial year.
Brendan Mooney, chief executive of Kainos, stressed the listing will not mean "big changes" in the company, and it will remain "true to its origin and background".
The tech firm, which employs 405 people here, will offer more than 37m shares at 139p per share, with the firm having a market valuation of £161.3m.
Kainos has now joined a select group of listed firms in Northern Ireland, alongside First Derivatives and UTV Media.
The initial public offering (IPO) is expected to raise £52.2m in for selling shareholders.
Staff at the firm, headquartered in Belfast, will receive shares as part of the process.
In February Kainos announced it will create 400 jobs over the next five years at its offices in Belfast and Londonderry.
Mr Mooney, who has been at the firm since June 1989, 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."
Mr Mooney said going public will not mean "big changes" and the objective is to build on the growth of the last five years. "The task for us now is simple - to maintain our growth trajectory," he said.
"We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."
In the year to March 31, 2015 Kainos celebrated its best financial results and a fifth consecutive year of growth, as revenues rose by 29% to £60.8m, up from £43m last year.
Pre-tax profits shot up again, rising by 48% to £11.8m in 2015. This is the second year in a row Kainos has smashed its highest profit figure, after profits rose by 131% in 2014 to £8m.
The firm was set up as a joint venture by Fujitsu and Queen's University in April 1986.
Colin Walsh, managing director at Crescent Capital, said: "It is a brilliant thing to see. I hope it inspires others to go public."
Paul McBride of law firm Pinsent Masons, which was involved in the listing, said: "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."
The number of shares Kainos will offer for 139p each as part of the company's listing