Telematics market leader Microlise became a PLC when it listed on the London Stock Exchange's AIM at 8am on 22 July. The privately-owned group sold £61.2m of shares to investors at 135p per share, valuing the company at £156.5m. The shares opened at 137.5p and quickly rose to 146.5p in early trading.
Microlise was founded in 1982 and was bought by a management team led by CEO Nadeem Raza, pictured, in 2008. The decision to list on AIM is intended to support Microlise's next stage of development, including broadening its product offering and targeting smaller operators.
Microlise is strongest in fleets of 500-plus where 58% of these large operators and 88% of grocery retailers use its technology, which has been developed inhouse by a team of 150 software engineers. Customers include Culina Group, DFS, Hovis, MAN Truck & Bus UK and Yodel.
It has grown its product offering in recent years to include cameras and route optimisation, and acquired tachograph analysis firm TruTac in 2020. The company said the “listing will help Microlise realise the significant revenue potential within the existing customer base and up-sell and cross-sell Microlise's products.
“The group is looking to penetrate new geographies and market segments, including the market for smaller fleet sizes and different vehicle types, such as light commercial vehicles [and] accelerate the group's growth strategy through targeted M&A.”
Raza added: "With an established track record of growth, proven management, and a market-leading position in providing technology solutions to fleet operators, Microlise is well set to capitalise on what we believe to be a major growth opportunity.
"Our customers are under pressure to meet increased environmental regulations and want more integration across supply chains. In addition, the challenges of the pandemic and Brexit have raised even greater awareness of the need to optimise the movement of goods efficiently and sustainably.”
Singer Capital Markets acted as the sole nominated adviser and broker for Microlise for the listing.
- Microlise plans to bring back its popular Transport Conference at the Coventry Building Society Arena (formerly the Ricoh Arena) in Coventry on 22 May 2022 after a two-year gap due to Covid-19.
