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FDM Group announces share pricing for IPO

FDM Group announces share pricing for IPO

As published by The Staffing Industry, 18th June 2014. International IT recruitment firm FDM Group, yesterday, announced its public offering and the successful pricing of its proposed placement of 84,561,856 ordinary shares at £2.87 per share. Based on the offer price, the company has a market value of £308.5 million. On admission to the London Stock Exchange, the company will have a free float of 79.6% of the company. Admission and the commencement of dealings in the shares is expected to take place on 20 June 2014. The offer is expected to raise £242.7 million, of which £8 million is for the company and £234.7 million is for the selling shareholders; who comprise Inflexion Private Equity and certain Directors, members of the senior management team, and other individuals. Inflexion Private Equity will sell their entire shareholding in the company, following which certain Directors and members of the senior management team will own 20.4% of the issued share capital of the company. According to the company’s ‘Pricing of Initial Public Offering’ statement, the company achieved revenue of £105.6 million in the year ending 31 December 2013, an increase of +2.1% compared with £103.4 million in 2012. Rod Flavell, CEO of FDM Group, commented: "Over the last 23 years FDM has grown through multiple technology cycles to establish itself as a leading global professional consulting firm focused on the IT sector. Our highly differentiated business model of training our own IT and business consultants for specific client needs and placing them as salaried employees within our blue-chip client base has been at the core of this success.” "With the support of Inflexion we have expanded both our geographic reach and breadth of service offering significantly over recent years and this strengthened operational platform leaves FDM extremely well-placed to capitalise on the strong growth prospects of an IT market with global opportunities in big data, mobile and social media. A public listing will help accelerate this next phase of our development, providing additional funding and raising the profile of FDM with clients and potential employees. We welcome our new shareholders and, with their support, look forward to delivering the next chapter of our growth story," he added.

As published by The Staffing Industry, 18th June 2014. International IT recruitment firm FDM Group, yesterday, announced its public offering and the successful pricing of its proposed placement of 84,561,856 ordinary shares at £2.87 per share. Based on the offer price, the company has a market value of £308.5 million. On admission to the London Stock Exchange, the company will have a free float of 79.6% of the company. Admission and the commencement of dealings in the shares is expected to take place on 20 June 2014. The offer is expected to raise £242.7 million, of which £8 million is for the company and £234.7 million is for the selling shareholders; who comprise Inflexion Private Equity and certain Directors, members of the senior management team, and other individuals. Inflexion Private Equity will sell their entire shareholding in the company, following which certain Directors and members of the senior management team will own 20.4% of the issued share capital of the company. According to the company’s ‘Pricing of Initial Public Offering’ statement, the company achieved revenue of £105.6 million in the year ending 31 December 2013, an increase of +2.1% compared with £103.4 million in 2012. Rod Flavell, CEO of FDM Group, commented: "Over the last 23 years FDM has grown through multiple technology cycles to establish itself as a leading global professional consulting firm focused on the IT sector. Our highly differentiated business model of training our own IT and business consultants for specific client needs and placing them as salaried employees within our blue-chip client base has been at
the core of this success.” "With the support of Inflexion we have expanded both our geographic reach and breadth of service offering significantly over recent years and this strengthened operational platform leaves FDM extremely well-placed to capitalise on the strong growth prospects of an IT market with global opportunities in big data, mobile and social media. A public listing will help accelerate this next phase of our development, providing additional funding and raising the profile of FDM with clients and potential employees. We welcome our new shareholders and, with their support, look forward to delivering the next chapter of our growth story," he added.

Updated 20 June, 2014


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