By Kristy Dorsey

Shares in Calnex Solutions got off to a steady start in their first day of trading on the Alternative Investment Market (AIM) as it became the first Scottish company to join the London market in more than two years.

Based in Linlithgow, Calnex employs 95 people in the production of telecoms testing equipment for clients such as BT, China Mobile and Facebook.

It has raised £22.5 million before expenses from an oversubscribed placing of 46,875,000 shares priced at 48p each. They closed yesterday’s trading at 51p.

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Calnex was set up in 2006 by chief executive Tommy Cook, and has been supported from its early days by the Co-Investment Fund run by Scottish Enterprise. The agency has reaped a £3.8m pay-out from the flotation, while Mr Cook has received £2.8m from selling down part of his stake in the business.

“I’m thrilled to add my voice to those congratulating Calnex on this fantastic achievement,” Scottish Enterprise chief executive Steve Dunlop said. “Today’s listing is a testament to Tommy’s vision, the prowess of the team he’s assembled, and the hard yards put in by everyone to reach this momentous milestone.

“To be able to point to the first Scottish IPO in two years is a triumph, even more so when you consider the disruption to the market caused by the coronavirus pandemic that will have seen other companies delay their listing plans indefinitely.”

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Mr Cook added: “The successful fundraise and move onto the public markets provides us with the resources to expand our product portfolio, both organically and through acquisition, to take advantage of the significant structural changes taking place in the global telecoms industry.

“With many of the world’s leading players in the telecoms market on our client roster, a proven track record in innovation, strong financial position and global distribution capability, we are confident in our ability to capitalise on the opportunities ahead.”