2 September 2010

£38m float for IX

07/04/2006 James Crux

Europe’s largest and fastest growing independent datacentre outsourcer, IXEurope, has floated via a £10 million placing with institutions, giving it a £38 million starting AIM price tag.

Set up in 1999, IXEurope, led by chief executive and co-founder Guy Willner, provides datacentre capacity and services to more than 400 clients across the business, internet and telecoms sectors. Stellar names on the roster include Merrill Lynch, Google and France Telecom.

The group has enjoyed annual revenue growth in excess of 30 per cent for the past six years. Last year, for instance, sales rose 45 per cent to £22.5 million and a first full year of positive EBITDA was achieved. Ten ‘IXDatacentres’ are operated across the UK, Germany, France and Switzerland, where services offered include co-location space, network services and business continuity services.

Willner will use the placing funds to repay £6.9 million of loans, as well as to fund the fit-out of a new London datacentre – the group’s fourth in the region. ‘We took over one site late last year, but that’s already nearing capacity so we’re planning a new build to the west of London,’ he explains, ‘that will cost us around £15 million over the next two and half years.’

Handled by Investec, the placing was priced at 22p. In early debut dealings, the shares were trading at 29.5p, a 34 per cent premium to the issue price.

Sector: Software & Computer Services

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