Shares begin trading in Scotland's first stock market flotation in two years

Shares have begun trading in Calnex Solutions, the West Lothian technology business whose investors include Hearts owner Ann Budge.

Tommy Cook, founder and chief executive of Calnex, which is headquartered in Linlithgow, West Lothian. Picture: Peter Devlin

The firm last month unveiled plans for an initial public offering, marking the first Scottish stock market flotation in two years.

Calnex, which is headquartered in Linlithgow, provides test instrumentation equipment to some of the world’s biggest telecoms companies. Its shares are now quoted and traded on London’s Alternative Investment Market (Aim)

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The company has successfully raised £22.5 million by way of a “significantly” oversubscribed placing of new and existing ordinary shares at 48p per share.

Investors in Calnex include Scottish Enterprise and Hearts chairman Budge. George Elliott, the former chairman of Craneware and a former non-executive director at Indigovision, is chair of the firm’s board.

Founder and chief executive Tommy Cook said: “Joining Aim is a significant landmark for Calnex. The successful fundraise and move onto the public markets provides us with the resources to expand our product portfolio, both organically and through acquisition, to take advantage of the significant structural changes taking place in the global telecoms industry.

“I would like to take this opportunity to thank the Calnex team for all their hard work through the years, our existing shareholders for their ongoing support, and to welcome our new shareholders to the register.”

Scottish Enterprise chief executive Steve Dunlop said: “I’m thrilled to add my voice to those congratulating Calnex on this fantastic achievement. [The] listing is a testament to Tommy’s vision, the prowess of the team he’s assembled, and the hard yards put in by everyone to reach this momentous milestone.

“To be able to point to the first Scottish IPO in two years is a triumph, even more so when you consider the disruption to the market caused by the coronavirus pandemic that will have seen other companies delay their listing plans indefinitely.

“Having supported Calnex since 2006, it’s been our privilege to have worked with it at every stage of its growth journey from start-up business to global company of scale. We remain a shareholder in and champion of Calnex and stand ready to offer the business further support and advice as it proceeds with the next phase of its ambitious expansion strategy.”

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