Newswatch: Ambient floats supersites
E-business-to-business intelligence gatherer WMRC is set to float on the London Stock Exchange next Tuesday, valued at £50.1m with a share price of 86p.
One of four subsidiaries of media group Ambient, WMRC aims to raise £18.6m to expand its worldwide information services on countries, markets and industries, including its SuperSite portals aimed at purchasing managers.
Thirty-year-old FD and chartered accountant Kevin Beerling, who qualified with PricewaterhouseCoopers, has earmarked £8.1m to develop new products and £4.8m to repay debts, with a working capital of £3.7m and £2m to loan to an employee share trust.
Chief executive Gino Ussi said: ‘This will enable us to grow our range of products and services substantially, and to leverage our business to build market share in the business intelligence and information market.’
Ambient will retain a 54.1% ownership of the company, whose competitors include the Economist Intelligence Unit.
Beerling, who last October was also appointed group finance director of Ambient, plans to step down as WMRC FD when a replacement is found after admission to the exchange.
Group managing director of Ambient, Andrew Stimpson, is also a chartered accountant who trained with Deloittes Haskins & Sells.
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