Software and cloud out Bytes IPO is oversubscribed after the outfit revealed its offer price last week.
The channel player has started conditional trading with pricing of shares on the London Stock Exchange under the ticker “BYIT” at 270 pence each, valuing the business at approximately £646.6 million.
The offer from Bytes comprises 54.5% of the company’s issued share capital and it will raise total gross proceeds of approximately £352.4 million.
Those who applied for shares in advance will be able to purchase those today but the rest of the market will have to wait until 17 December before they go on to the main listed securities of the LSE and the Main Board of the Johannesburg Stock Exchange.
Bytes Group CEO Neil Murphy said: “We believe listing as a standalone group gives us a tremendous platform to deliver on the strong growth opportunities we see in our markets. We are delighted by the level of interest shown by potential investors and are looking forward to this exciting next stage for Bytes Technology Group.”
From the 17 December Bytes will be admitted and the trading of unconditional dealings in the Shares on the London Stock Exchange and commencement of dealings in the Shares on the JSE.
