Following the announcement of its intention to float on 26 March 2007, Xchanging has today confirmed the offer price range.
The range has been set at 210 pence to 240 pence per ordinary share with an expected total offer size of approximately 86 million equating to gross proceeds of approximately £193m and a market capitalisation of approximately £500m.
The company is also seeking to raise gross proceeds of approximately £75m through the issue of new ordinary shares, with proceeds primarily used to fund the continuing growth of the business through establishing new enterprise partnerships, developing its business through its other delivery methods and selective acquisitions.
Citigroup has been appointed sole Sponsor of the Global Offer.
David Andrews, chief executive of Xchanging, said: “We are delighted to be announcing the next stage in our planned flotation and we look forward to becoming a public company which will help us to further capitalise on the many growth opportunities in our markets.”
