Gigaclear gears up for float
Oxfordshire communications operator Gigaclear is set to float on the London Stock Exchange on 24 October 2014, the business has confirmed.
The Abingdon-based company, which is dedicated to building and operating ultrafast fibre to the premises broadband networks in rural communities, did not reveal its market capitalisation nor how much it plans to raise upon admission.
The group, which was founded in 2010, is a provider of fibre-to-the-premises (FTTP) networks to rural communities in the UK.
Gigaclear's networks, which are built with new gigabit fibre optic cable, provide significantly higher speeds to these rural communities than are available with existing internet delivery technologies and significantly faster than average urban speeds.
The company currently operates ten FTTP networks and has seven more networks that are under construction and are expected to be completed within the fourth quarter of 2014.
Chief executive Matthew Hare has previously said that Gigaclear's proposed admission to AIM would enable the business to "more quickly roll-out profitable new networks" and places the group in a "very strong position" to deliver on its plan to serve up to 200,000 homes over the coming years.
In July, Gigaclear completed a new round of equity financing, raising a total of £7.75m from both new and existing private investors as well as its first institutional investor, the CF Woodford Equity Income Fund.