Servelec completes biggest tech float in three years

04 December 2013

Sheffield-headquartered Servelec Group has floated on the main market with its £123m valuation making it the largest tech initial public offering in three years.

Servelec, which provides software, hardware and services to such industries as healthcare, oil and gas and utilities, has now been admitted to the premium listing segment of the London Stock Exchange.

Chief executive Alan Stubbs said: "Being a public company provides Servelec with a platform to capitalise on the numerous growth opportunities available for both Servelec Healthcare and Servelec Automation, which will help to generate value for all of our stakeholders."

In the year to 31 December 2012, Servelec, which has a 500 strong workforce, had revenues of £39.4m giving an adjusted profit before tax of £11.9m.