(Alliance News) - Bytes Technology Group PLC on Tuesday reported the price range for its planned initial public offering both in London and Johannesburg, part of its demerger from Allied Electronics Corp Ltd.
The price range for the offer has been set at 240.0 pence to 290.0p per share, implying a market capitalisation on admission of between GBP573.9 million and GBP692.3 million.
The expected minimum and maximum number of new shares in the offer are 111.3 million and 171.8 million, which would result in expected gross proceeds from the offer of GBP294.9 million and GBP455.4 million, respectively.
The company's non-executive directors have agreed to participate for an aggregate investment of GBP500,000 in the offer, Bytes noted.
The company said it intends to use the entire gross proceeds it receives from the IPO to pay the demerger stamp duty and IPO expenses, and satisfy the cash amounts due to Allied Electronics and its shareholders in connection with the demerger. No net proceeds will be retained by Bytes, it said.
"Today marks another significant milestone in the process leading up to our listings on the London and Johannesburg Stock Exchanges," said Chief Executive Neil Murphy.
"We are excited about the future and are delighted to give a broader audience of investors the opportunity to become shareholders in Bytes Technology Group," added Murphy.
Allied Electronics shares were trading 1.5% higher in Johannesburg on Tuesday at ZAR31.26 each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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