Analyst house Ovum set for £7.5m IPO

Analyst house Ovum intends to float on the AIM index, a move that could see it raise £7.5m.

Ovum plans to float in March, with shares offered to new and existing institutional shareholders. The funds raised would be used to support growth of the business through internal development and possible acquisition, according to a statement issued by the company.

Although Ovum hasn't made any public statement on how much the float will raise, a source close to the situation said a figure of £7.5m would be close to the mark, valuing the company at around £25m.

Chris Dines, CEO of Ovum, said the move is the latest milestone in an attempt to grow Ovum beyond its research publishing business.

Dines said in a statement: "Admission to AIM will enable us to continue to build the business and to expand our product offering and expertise, both organically and by the acquisition of complementary businesses.

"It will also help us to attract and retain high-quality analysts and consultants and enable them and other investors to share in the continued success of the company."

Bridgewell Securities has been appointed as sole nominated advisor to Ovum.

Ovum was founded in 1985.