Eversheds has advised Investec Bank plc as Nomad, Broker and Sole Bookrunner on the £165m AIM IPO of Gamma Communications plc. The IPO saw the placing of 44,163,374 existing ordinary shares in Gamma at a price of 187 pence per share, raising gross proceeds of approximately £82.6 million for the selling shareholders. On Admission, Gamma had a market capitalisation of approximately £165.2 million.

Gamma is a rapidly growing, technology based, provider of communications services to the UK business market. Gamma’s services are designed to meet the increasingly complex voice, data and mobility requirements of businesses, through the exploitation of its know-how and own intellectual property.

Eversheds partner Stephen Nash and Principal Associate Jonathan Stanley provided advice, with specialist telecommunications expertise coming from partner James Walsh.

Stephen commented:

“Investec is a longstanding client of the firm and it is a pleasure to have advised them on another IPO transaction this year (having also acted on the IPO of FDM Group in June). Despite some inevitable softening in the market following the rush of IPO listings earlier in the year, this deal is an encouraging sign that AIM remains very much open for business for high quality assets at the right price.”