Calyx surges 15% on London debut

SHARES in Calyx, the IT and telecom group owned by Cork businessman Maurice Healy, surged 15% after making their debut on London’s Alternative Investment Market (AIM) yesterday.

Investors warmed to the AIM’s latest Irish arrival, driving up the share from its issue price of 55p to 63.5p. The company, which is headquartered in Santry in Dublin but has offices in Cork and Limerick, raised £6.3 million (€9.1 million) after expenses from the share offering.

Mr Healy owned 90% of the company before the decision to go public. Almost 35% of the company’s shares were placed with mostly British institutional investors before trading commenced yesterday.

The share price move means the company is now valued at more than €35 million, €4 million more than its original valuation. AIM specialist broker Evolution Securities acted as the company’s nominated adviser. Companies quoted on AIM are required to have a nominated adviser that oversees compliance with stock market requirements.

Calyx’s listing on the AIM follows a path that has been popular with Irish companies. Cork-based pharmaceutical research company EiRx Therapeutics, Wexford medical components developer Clearstream and Belfast-based digital camera manufacturer Andor have all taken the AIM route to obtain public funding over the last 18 months.

Telecom and broadband provider Smart also switched to the AIM recently after being listed on the lower-profile Ofex in London, while housebuilder Abbey moved to the AIM last year to avoid the costs of maintaining a full listing on the London Stock Exchange.

The continuing trend of smaller Irish companies heading to London has already triggered a wide-ranging review of the Irish Stock Exchange, which plans to offer a Dublin-based equivalent of the AIM before the end of the year.