Belfast IT firm Kainos to float on London Stock Exchange
Business

Belfast IT firm Kainos to float on London Stock Exchange

BELFAST-based IT firm Kainos is set to float on the London Stock Exchange, in an initial public offering worth £161m.

The move will raise £52m in proceeds for selling shareholders and the company begins trading on Friday morning.

Kainos provides digital technology solutions to more than 140 clients in the healthcare, government and financial services sectors in Europe and the US, with clients including Netflix and the National Health Service (NHS).

The company employs over 700 staff across its seven offices and is headquartered in Belfast. In February it announced plans to create over 400 jobs in Belfast and Derry.

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It was founded in April 1986 as a joint venture between ICL and QUBIS Ltd.

Kainos reported profit before tax of £11.8m last year.

The firm's flotation is being supported by specialist bank Investec.

It will make Kainos one of three publicly listed companies in the North of Ireland, along with First Derivatives in Newry and UTV.

Kainos' chief executive Brendan Mooney said the company was pleased by the response to the initial public offering.

"The task for us now is simple - to maintain our growth trajectory," he said.

"We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."

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