Telecoms testing company Calnex joined the Alternative Investment Market today, becoming the first Scottish company to do so in more than two years.
The Linlithgow-based business said the listing valued the company at £42m.
At a placing price of 48p per share, the floating of the business achieved gross proceeds of £22.5m, with £6m going to the company and £16.5m shared by selling shareholders.
There were 87,500,000 shares in issued following the admission to the market.
Calnex founder and chief executive officer Tommy Cook said: “Joining AIM today is a significant landmark for Calnex.
“The successful fundraise and move onto the public markets provides us with the resources to expand our product portfolio, both organically and through acquisition, to take advantage of the significant structural changes taking place in the global telecoms industry.
“I would like to take this opportunity to thank the Calnex team for all their hard work through the years, our existing shareholders for their ongoing support, and to welcome our new shareholders to the register.
“With many of the world’s leading players in the telecoms market on our client roster, a proven track record in innovation, strong financial position and global distribution capability, we are confident in our ability to capitalise on the opportunities ahead.”