Financial software firm Marlborough Stirling undertook a partial flotation on the London Stock Exchange this morning at an IPO price of £1.40 pence a share, valuing the company at £248.5 million.
The 47 million shares on offer - representing a quarter of the company - opened at £1.44 each and by mid-day had climbed 10% higher to stand at £1.60.
Marlborough Stirling is a UK-based provider of software and services to the mortgage, life, pensions and investment market sectors. The sale is expected to bring the company £16 million in new money to finance a planned international expansion.
The £1.40 offer price is below the original valuation of £1.70 - £2.20 per share. Commenting, Huw Evans, Marlborough Stirling chairman says: "Whilst the offer price is below the original proposed price range, we have been backed by a wide group of high quality institutional investors, and we are pleased to have achieved this despite difficult stock market conditions."