British rural broadband provider Gigaclear is set to list on AIM, London’s junior stock market, to expand its network coverage across the country.
The company said that new ordinary shares will be placed with institutional investors. It also plans to…
British rural broadband provider Gigaclear is set to list on AIM, London’s junior stock market, to expand its network coverage across the country.
The company said that new ordinary shares will be placed with institutional investors. It also plans to invite qualifying customers and existing shareholders to invest the shares.
Dealings in the shares are expected to start in October.
The company has not revealed how much it plans to raise from the listing. But according to a Financial Times report citing people familiar with the plans, Gigaclear is targeting about £20m (US$32.5m).
In the medium term, the operator said it plans to invest £180m (US$292.4m), including the IPO proceeds, to build networks serving up to 200,000 homes in underserved areas across the UK.
Oriel Securities is acting as nominated advisor and the company’s sole broker for the IPO, while Cameron Barney serves as financial adviser.
Oriel declined to disclose the size of the stake that will be floated and dismissed any possibilities of growing via M&A.
Founded in 2010 by Matthew Hare, the company’s current CEO, Gigaclear operates nine fibre-to-the-premises (FTTP) networks in rural areas. Another five are under construction and are due to be completed by Q4 2014.
