Retail software firm Itim goes public in £48m London float
Itim, a specialist software firm that provides services to retailers, has gone public through a £48m stock market float in London.
The tech firm, which was founded in 1993 by veteran retail executive Ali Athar, will list today on London’s junior Aim market.
Itim has raised £8m through the placing of 5,194,806 new ordinary shares with institutional and other investors at a price of 154p per share.
The initial public offering gives the company a market capitalisation of £48.1m.
Itim’s technology is designed to help brick-and-mortar retailers optimise their business to help compete with online rivals.
Its customers include John Lewis, JD Sports, McDonalds and WH Smith.
Itim said it will use the proceeds of the float to develop its software, invest in marketing and expand the company’s international reach.
It will also repay £2.1m linked to the acquisition of e-invoincing company EDI Plus and to explore other potential merger opportunities.
“Our successful IPO and admission to Aim represents a significant moment for the company,” said chief executive Ali Athar.
“We have enjoyed strong growth and a clear strategy to execute this growth over the coming years as traditional retailers convert to omni-channel. I am pleased to welcome our new shareholders to itim and look forward to the future with confidence