Mortice plans UK listing to raise $25mn

Indian property and facilities management firm Mortice is planning to raise $25 million by way of listing its shares in the UK, according to a report by Financial Times.

The firm plans to list its shares on the Alternative Investment Market (AIM) of the London Stock Exchange, the report said.

"Mortice is targeting a $100 million or 51 million pound flotation on AIM in a bid to become the first Indian property and facilities management group to join London's junior exchange," the financial daily said.

The company will start wooing potential investors in London before moving on to seek funds in Switzerland, Singapore and Hong Kong, and wants to raise about $25 million, it added.

Quoting Manjit Ranjan, founder of Mortice, the report said the firm had looked at several stock markets including India and Singapore before deciding on AIM since it would be cheaper, quicker and at a higher valuation.

Manjit Rajain "will hold 75% of the equity after flotation. He will use the funds raised to take the company into broader property and facilities management services across India," the report added.

Mortice was founded 11 years ago, and has grown to 15,000 employees and more than 500 clients across 19 states. In the year to March 2007, revenues doubled to $12.3 million, the report said.