Quartix begins trading on AIMBy Storm Rannard, Digital Staff Writer
Powys-based Quartix has become the latest listed company in Wales after floating on AIM this morning with a market capitalisation of more than £50m.
The business, which develops vehicle tracking and fleet management systems, follows Cardiff University spin-out MedaPhor in going public.
Quartix's float has raised £11.4m after it priced its shares at 116p each.
Managing director Andy Walters said: "The combination of our strong product offering, client base and the expertise of our people mean we are well positioned to achieve further growth in the vehicle tracking and fleet management market."
Quartix was formed in 2001 and now services more than 6,000 customers and a number of insurance groups. Its system has been installed in more than 120,000 vehicles.
The business is the third Welsh company to float on AIM this year and joins MedaPhor, the developer of ScanTrainer, a virtual reality education platform to train students, doctors and sonographers. It started trading at the end of August with a market capitalisation of more than £10m.
Carmarthenshire-headquartered Haydale Graphene Industries also raised £6.6m through an initial public offering in April.
Cardiff-based BBI Diagnostics Group announced its intention to float in April but scrapped the plans in July saying it intends to "seek greater value for the businesses of BBI Diagnostics" than could be realised by an IPO.
Quartix is headquartered in Powys and has manufacturing operations in Cambridge. It was advised on the float by Grant Thornton.