The Bytes group is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud and security products. The group enables effective and cost-efficient technology sourcing, adoption and management across software services, including in the areas of security and cloud.
The IPO follows the announcement made by Altron on 2 April 2020 of its intention to demerge the Bytes business and apply for a separate listing of the Company in order to unlock value for Altron shareholders. The IPO consisted of an offering of circa 130.5 million new shares at a price of 270 pence per share, raising gross proceeds of £352.4 million and resulting in an initial market capitalisation of £646.6 million.
The Company's issued share capital has been admitted to (i) the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc, and (ii) the Main Board of the Johannesburg Stock Exchange, by way of a secondary inward listing.
The Ashurst team was led by corporate partners Simon Bullock, James Fletcher and Jennifer Schneck, assisted by senior associate Rodrigo Romero Hidalgo and associates Demi Pham and Krishna Parikh.
Commenting, Simon Bullock said:
"We are delighted to have acted as underwriter's counsel on this complex cross-border demerger and IPO. It is an exciting time for the Bytes Technology Group and very pleasing to see this high quality business end the year with a successful IPO."
