Servelec strides ahead on stock market debut

YORKSHIRE-based Servelec Group has been trading strongly since its debut on the London Stock Exchange earlier this week.

The company, which operates from offices around the UK and internationally, with the largest number of its employees being based at the company’s headquarters and purpose-built engineering site in Sheffield, floated on the main market with its £123m valuation making it the largest tech initial public offering in three years and the software sector’s biggest since 2000.

Following its share price launch of 179p, Servelec jumped 20.1% to 215p on Monday, its first day of trading, reaching a valuation of £146.9m.

Last night, Servelec’s share price closed at 213p.

Chief executive Alan Stubbs said: “We are delighted to have successfully completed our listing on the main market of the London Stock Exchange. Being a public company provides Servelec with a platform to capitalise on the numerous growth opportunities available for both Servelec Healthcare and Servelec Automation, which will help to generate value for all of our stakeholders.”

Since July 2000, the company has been wholly owned by CSE Global, a company whose shares are traded on the Singapore Stock Exchange.

Servelec has grown both organically and through acquisition and now operates two divisions:

– Servelec Healthcare: specialises in the design, development and implementation of Electronic Patient Record software within secondary care settings and is a market leader in the Mental Health and Community Health sectors in England; and

– Servelec Automation: provides complex, mission-critical control systems to large blue-chip companies mainly in the UK, focusing on the oil & gas, nuclear, power, utilities and broadcast industries.