Techs poised to break float fast

IT services group Detica will be the first technology company to list on the main London stock market since last April after unveiling plans to raise £16m in a share offer planned by the end of June.

The Guildford, Surrey-based group, which made £4.7m on sales of £26.6m to the end of March last year, expects to be capitalised at almost £100m when it comes to market in an issue underwritten by UBS Warburg.

The listing should be the first in the main market technology sector since Marlborough Sterling listed 11 months ago and, according to advisers, reflects improving sentiment in the sector since the 11 September attacks on America.

Venture capital group Candover is expected to sell most of its 40% holding in the group. Detica chief executive Tom Black, the largest individual shareholder with 12%, is entitled to sell up to one fifth of his stake.