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Shoreditch tech startup LoopUp to float on AIM today

LoopUp, the tech startup which provides conference call software, is to float on the Alternative Investment Market (AIM) today in an Initial Public Offering (IPO) that places a £40.8m valuation on the company.

The Shoreditch-based business announced its intention to float on the London Stock Exchange’s junior market at the beginning of the month, after attracting big-name clients and drawing revenues of £10.5m last year, across its offices in New York, San Francisco an Hong Kong.

In preparation for its float the startup appointed Lady Barbara Judge, a prominent business executive and City stalwart, as Chairman and also raised gross proceeds of £8.5m priced at 100p per share.

Firms such as National Geographic and French telecoms firm Alcatel-Lucent have adopted the London-headquartered startup’s software which it claims simplifies and streamlines conference calling.

Commenting ahead of today’s public offering, Steve Flavell, Co-Chief Executive Officer of LoopUp Group said: “The completion of the IPO process marks an important and exciting milestone on LoopUp’s journey as a UK-headquartered and internationally-minded technology company, and provides a significant catalyst for our continued growth.

“The reception from investors has been positive and encouraging, and reinforces our belief that our differentiated product, business model and plans for the future provide the foundation needed to deliver on our potential as a public company.

“Our focus will continue to be on delivering an exceptional product and service to our customers around the world, supported by the funds we’ve raised and emboldened by the faith our new shareholders have placed in us. These are exciting times.”