This London tech startup is planning to list on AIM
A tech startup based in London is planning to go public with a multi-million pound listing on the capital's junior market.
LoopUp is seeking to raise £9m, it's understood, which would give the firm a market capitalisation of up to £45m, and plans to list by the end of August on the Alternative Investment Market (AIM).
The startup takes the hassle out of conference calling for businesses with software which streamlines the process, from reducing muffled noises to being able to share content while speaking.
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Customers include Alcatel Lucent and National Geographic and the London-headquartered firm has operations in San Francisco, New York, Boston and Hong Kong. Revenues stood at £10.1m in 2015, a rise of 36 per cent on the previous year and the firm said it has been profitable in terms of EBITDA since 2013.
The listing comes at an awkward time in the IPO market, which has chilled over the past several quarters globally particularly when it comes to technology companies, while in the UK the vote for Brexit has added a more serious note of caution among many companies considering a float.
An already subdued year for public listings is likely to continues as result of the EU referendum, according to analysis by EY.
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LoopUp, named one of Tech City's Future Fifty companies to watch, believes it's exposure to any general market conditions is minimal, however.
City grandee Lady Barbara Judge will also join the startup as a chairman, which comes just days after she took up a similar role at a tech startup focused on HR.
The number of listing on London's junior market and their value overtook that of the main market for the first time in the second quarter of the year, according to figures from PwC. Notable floats included media company Time Out and venture capital firm Draper Esprit.