FilmOn goes for £30 million float

Film producer Alki David is launching trading in his FilmOn.com with a £30 million initial public offering next week.

Alki David's FilmOn.com has 4000 movies available and has grown to be the UK's biggest video-on-demand site since starting in January.

David is releasing 20% via the Plus market and Germany's Neumarket and retaining 65%, with staff owning 15%.

"The reason why l am doing it is l am fed up with being ripped off by distributors," said David, who also owns the 111 Pictures film and record label. "The UK's Plus market is going to be my passport to the German exchange, where there is still a lot of liquidity and l am attracted to this route because l want to appeal to public investors and not the institutions.

"My site is developed by film makers for film buffs."

He said he has spent £12.5 million growing the business and that he aims for a New York quote as well eventually.