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Focusrite shares up on first day of trading

Successful float for Phil Dudderidge's pro-audio business

Shares in Focusrite plc rose by up to 10% on Thursday morning, as the audio hardware/software developer began trading on the London Stock Exchange AIM. Stockbroker Panmure Gordon has floated just over 30% of the company on the Alternative Investment Market: 17.8 million shares in total, in a placing at 126p per share, giving the company a market capitalisation of £73.2m and raising £22.4m before expenses.

The share price had reached 139p by 11.15am but had settled back to 136.5p at the time of writing. Of the three businesses which began trading on 11 December (Quantum Pharma plc, Management Resource Solutions plc and Focusrite plc), Focusrite shares fared the best, according to business news service Alliance News.

“This is a momentous day for Focusrite and I’m delighted that we’ve been able to successfully complete our flotation. We look forward to rewarding both our new and existing shareholders with continued growth in revenue and profits, and increasing our market share,” said founder and executive chairman Phil Dudderidge in a statement (pictured here with CEO Dave Froker, left).

Focusrite announced plans to float at the end of October.