Calyx shares priced at 55p ahead of flotation in London next week

SHARES in Calyx, the IT and telecom group owned by Cork businessman Maurice Healy, have been priced at 55 pence (78 cents) ahead of the company’s flotation next week.

The flotation of the group will raise €10.5 million for the company and its founder Mr Healy.

He owns 90% of the company and is selling 35% of his stake. The company will offer 13.18m shares to the institutions and based on the placing price will be valued at €31 million.

Mr Healy said the money raised in the flotation will be ploughed back into the business.

He told the Irish Examiner earlier this month that the company was eyeing up expansion in Britain. Calyx said yesterday that the share placing was oversubscribed.

Most of the investors are British institutions.

The company said its shares will begin trading on London’s Alternative Investment Market on St Patrick’s Day.

Mr Healy said yesterday: “I am delighted with the response from investors.

“The flotation of Calyx will not only increase our profile and provide us with resources to deliver the ambitions that we have talked about but will also provide significant opportunities for the expansion of our service activities, particularly in the area of centralised remote ICT network management.” Mr Healy, 46, was previously a senior executive in Alphyra and formed Calyx by buying Alphyra’s voice and data unit three years ago.

It is headquartered in Dublin and has offices in Cork and Limerick.

The company announced a €750,000 expansion of its Cork business last week. According to Mr Healy, the group, which has 170 employees, had revenues of €32.4m last year and earnings before interest, tax, depreciation and amortisation of €3.5m. The company said yesterday that it has an extensive client base, including AIB, Ulster Bank and the Revenue Commissioners.