UK software startup LoopUp has gone public on the London Stock Exchange in an IPO that values the company at £40.8 million.
The company, which sells software that aims to make it easier for businesses to carry out conference calls, raised £8.5 million on the London Stock Exchange’s AIM market on Wednesday morning, with shares initially priced at £1 each.
Immediately after the flotation, the company’s share price rose 10% to £1.10.
The stock market listing marks one of the first UK tech IPOs since the UK voted to leave the European Union.
LoopUp’s software allows conference call administrators to identify where background noise is coming from. It also automatically dials in all participants when they have registered to take part in a call.
Earlier this month, the company said it would use the money raised through the listing to help it grow, improve its product, and invest more in sales and marketing.
Last year the company reported revenues of £10.1 million, up 36% from 2014.
The Shoreditch-based company — which has offices in San Francisco, New York, Boston, Hong Kong, and Barbados — has appointed Lady Barbara Judge, chair of the Institute of Directors, as chairman on admission to the London Stock Exchange.
Judge was ranked as one of the 100 most powerful women in the UK by BBC Radio 4 and LoopUp’s directors believe that the appointment will bring significant experience to the board. Earlier this month, UK HR startup Hibob also appointed Judge to its board.
Steve Flavell, co-chief executive of the firm, said in a statement:
“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.”