Quartix in Â£11.4m float
Quartix, a Powys-based developer of vehicle tracking and fleet management systems, has revealed it will raise £11.4m when it lists on AIM next month.
It is expected to start trading on 6 November 2014 at placing price of 116 pence per ordinary share, giving the company a market capitalisation of £54.1m.
"Admission to AIM is an exciting milestone for Quartix and will provide us with an enhanced platform from which to build on the momentum we have achieved over the past few years," said managing director Andy Walters.
"We are delighted with the positive response from institutional investors to the Placing and welcome them as new shareholders as we embark on the next stage of the Quartix's development.
"We plan to take advantage of the anticipated growth in both the commercial fleet and telematics-based insurance markets. In particular, we look forward to delivering on our strategy to extend our technology, low cost sales and subscription model to grow our presence in the UK, France and the US and create further value for all our shareholders."