JSE-listed Datatec this morning started trading on London`s Alternative Investment Market.
The company placed 7.2 million shares at 192 pence a share, raising lb13.9 million before trading.
The company had hoped to raise lb29 million before the listing, but said it remains focused on its acquisition strategy. Just after the shares traded unconditionally this week, Datatec CEO Jens Montanana said it was important to have completed the listing.
"Our floatation was limited by our South African shareholders limiting the shares to be listed in London to 10% of our total issue and, secondly, the European IT sector has not been the investors` darling recently."
Datatec, which reported revenue up 18% to $2.98 billion at the end of February, saw its shares close slightly down yesterday at R2 950. On Wednesday its shares closed at R2 979. Its 12-month high is R3 250 and its 12-month low is R1 562.
The company expects to publish its interim results on 1 November.
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