Bytes Technology Group floats on London Stock Exchange

Bytes floated on the London Stock Exchange on Friday  
REUTERS
Naomi Ackerman @nomiackerman
11 December 2020

Software firm Bytes Technology Group floated on the London Stock Exchange on Friday morning priced at 270p per share.

Within hours of conditional first-day trading its share price rose to 330p, giving the business a market cap of around £780 million.

The firm has 650 employees and is one of the UK's largest software resellers. The IPO, led by bankers at Numis, is set to raise around £350million.   

On announcing the offer price this morning, Bytes chief executive Neil Murphy said: “We believe listing as a standalone group gives us a tremendous platform to deliver on the strong growth opportunities we see in our markets."

The company, which demerged from South African technology company Altron, will also have a secondary listing on the Johannesburg Stock Exchange.  

Altron shareholders will receive shares in Bytes as a result of the demerger.