UK-based IT services provider Valtech sets terms for $100 million IPO

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Valtech, which provides outsourced enterprise IT development services, announced terms for its IPO on Friday.

The London, United Kingdom-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Valtech would command a fully diluted market value of $678 million and an enterprise value of $626 million.

Valtech was founded in 1993 and booked $294 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol VTEC. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of October 15, 2018.

The article UK-based IT services provider Valtech sets terms for $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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