U.K. Financial Software Firm Alfa Jumps 30% on London Debut

  • Alfa Financial was initially priced at 325 pence a share
  • Offering is the biggest London listing since Sophos in 2015

Shares in Alfa Financial Software Holdings Plc, the U.K.’s biggest tech offering since 2015, jumped 30 percent on the morning of its first day of trading on the London Stock Exchange.

The company, which makes software for the finance industry, was priced at 325 pence a share, giving it an initial valuation of about 975 million pounds ($1.3 billion). 

Shares were up 27 percent to 413 pence by 8:53 a.m. in London, at one point jumping by as much as 30 percent. The company currently has a market value of 1.2 billion pounds.

The public offering is the biggest London listing of a technology company since cyber-security software developer Sophos Group Plc. in 2015, which at the time valued the company at about 1 billion pounds, according to data compiled by Bloomberg.

"We have been thrilled with the level of support and interest we have had through this process from a wide range of blue-chip investors," Andrew Page, Executive Chairman of Alfa, said in a statement.

Alfa’s products are used by companies that provide equipment leasing, structured asset finance, as well as commercial and consumer lending, the company said on its website.

The listing comes after a dry spell for tech IPOs in London. Banking software provider Misys Group Ltd. attempted to list in October in what was expected to be one of the biggest U.K. tech IPOs in recent years.

Targeting an equity valuation of 3.75 billion pounds, almost a billion pounds less than originally planned, the deal was pulled at the last minute due to low demand for the shares.

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