Bradford cybersecurity firm ECSC has announced that it plans to float on the London Stock Exchange next week in a move that could value the company at £15 million.
The 16-year-old company hopes that the IPO, scheduled for December 14, will allow it to raise £5 million, according to The Telegraph. It plans to issue more than 2.9 million ordinary shares at 167p a piece on the exchange’s AIM market, which is targeted at smaller, growing companies.
The proceeds of the IPO will be used to help ECSE expand its workforce from 50 to 200 staff, according to The Telegraph, as well as for developing cyber security sales and consulting training academies.
ECSC writes on its website: “We are a security partner that can help you in all aspects of your information and cyber security requirements, having helped clients in over 20 countries recover from incidents, develop their security, and gain a range of information and cyber security certifications.”
The company’s software is used by 10% of FTSE 100 companies, according to The Telegraph, counting Barclays and GCHQ among its client base.
Ian Mann, the CEO of ECSC, reportedly said: “We feel this is the ideal time to list on AIM and accelerate ECSC’s growth.”
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