Smart Metering Systems has announced its flotation on AIM. Dealings in the Group’s shares will commence on 8 July 2011. The Group’s ticker symbol will be SMS.L. The market capitalisation of the Group at the Placing Price will be £50 million. The proceeds will be used to fund the organic growth of the business through investment in gas meter assets and the Group’s patent pending ADM smart metering device.
The company has already raised £10.0 million of new investment from a broad range of institutional and other investors at a price of 60 pence per share.
For the year ended 31 December 2010 Smart Metering Systems reported revenue of £12.4m and EBIT of £2.2m.
Alan Foy, Chief Executive Officer said: “I am delighted by the level of interest shown by our new shareholders to our flotation on the London Stock Exchange. The Placing has gone well and has been substantially oversubscribed in very difficult market conditions, demonstrating the strength of our business model”
Cenkos Securities plc is acting as Nominated Adviser and Broker to the Group.