Manchester advisers handle healthcare IPO

ADVISERS in Manchester worked on the flotation of a Staffordshire-based healthcare company.

Lawyers from DWF advised Instem Life Sciences on its £9.1m initial public offering (IPO). The shares launched on the Alternative Investment Market yesterday.

The corporate finance team at the Manchester office of accountants Baker Tilly also worked on the deal.

Instem, a provider of IT applications to the early development healthcare market, placed shares at 175p each giving it a market value of £20.5m.

DWF’s Manchester corporate team dealt with the corporate finance aspects of the IPO led by partners James Sheridan and Frank Shephard with support from Elizabeth Delaney, Lisa Stavropoulos, Kelly Harvey and Lucy Shenton. Gary Houghton and Russell Armstrong led the Baker Tilly team.

Brewin Dolphin was broker, nominated adviser and sole bookrunner for the placing and admission to AIM.

James Sheridan said: “This is a very significant deal for Instem and reaffirms its dominant position in the worldwide market. Instem has in place a reputable and established business, primarily in North America, Europe and the UK, and expects to use the proceeds of the placing to grow organically and by acquisition. Frank Shephard and I are delighted to have worked on the IPO, a major deal following a number of deals already completed since we joined DWF.”