Kainos valued at £161m ahead of floatation on London Stock Exchange

8 Jul 2015

Belfast-founded IT firm Kainos plans to raise at least £52m in an IPO on the London Stock Exchange that values the company at £161m.

Belfast IT firm Kainos plans to raise £52.4m in in a public listing on the London Stock Exchange on Friday.

Kainos has priced its IPO at £1.39 per share and expects to list on the London Stock Exchange on Friday 10 July.

The IPO is expected to raise around £52m, which values Kainos at around £161m (€227.5m).

The 30-year-old IT provider employs more than 730 people in seven offices in Northern Ireland, the UK, Poland and the US. This includes 30 people at Kainos in Dublin.

The company specialises in digital technology, software design and agile development, and counts Netflix, Diageo, Travelex and the UK’s NHS as clients.

Last year the company generated revenues of £60.8m, deriving a profit of £11.8m for the year ended 31 March 2015.

The company was established in 1986 as a joint venture between ICL and Qubis.

In February, the company announced plans to create more than 400 jobs in Belfast and Derry.

London Stock Exchange image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years