ClinPhone plc, a leading specialist supplier of technology solutions to the clinical trials industry has successfully completed its Initial Public Offering on the London Stock Exchange. 

The offering raised a total of £56.3 million at £148p a share, giving it a market capitalisation of £94.1m. Trading is due to start on the main market today under the ticker symbol CNP.

The proceeds from the offering will be used to reduce borrowings and pay for the costs relating to the float.

The offering attracted strong demand from quality institutional investors in the UK and Europe and was oversubscribed at the Placing price.

Montagu Private Equity, together with HgCapital, first invested in the company in 1996 when the business had less than £1m sales. Since 1996, ClinPhone has developed into a global business providing integrated technology solutions for clinical trials to most of the largest pharmaceutical companies worldwide. ClinPhone has collected data from over 90,000 investigation sites in 88 countries and provides its systems in over 70 languages. More than half its revenues are generated in the US. 

Montagu and HgCapital increased their stake in ClinPhone to a majority holding in December 2004 following the original founders stepping back from the business in preparation for an IPO. Montagu will realise £21m for its investment in ClinPhone; it will retain a 7.5% stake in the company. In February, ClinPhone reported turnover of £33.9m and operating profit of £5.7m, a 28% increase on the previous year.

Mark Dunfoy, Director at Montagu, commented: "Montagu is very pleased to have supported the mangement of ClinPhone since 1996. It has grown from a start up business to become a world leader in its niche market and we wish the business every success as a public company."