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Calnex Solutions Reveals Plans to be First Scottish IPO in Two Years

David Paul



The Linlithgow based company gained more than £20m in investment to carry out its move into the public markets.

Provider of test and measurement solutions for the global telecommunications sector, Calnex Solutions, has announced its intention to list on Alternative Investment Market (AIM) after raising £22.5 million in investment.

The company said the placing was “significantly oversubscribed”, having received strong support from institutional investors.

Of the £22.5 million, £6 million will be put aside for company growth, while £16.5 million will be held for existing shareholders.

After joining the public market on the 5th of October, the firm will have a total valuation of £42m and will be Scotland’s first IPO since 2018.

The company says that the funds raised through the Placing, along with the Calnex’s existing cash resources, will allow them to invest in business development and research and development resources, repay its existing debt facility and to “evaluate opportunities to acquire complementary technologies or businesses to expedite the company’s growth.”

Calnex provides test instrumentation to several worldwide telecoms businesses including Nokia, Intel, Facebook and China Mobile. Investors include Scottish Enterprise and Ann Budge, executive chairman of Hearts.


Tommy Cook, Chief Executive Officer and founder of Calnex, commented: “We are delighted to announce our proposed placing and Admission to AIM, to support the evolution of Calnex.

“The telecommunications industry is going through unprecedented levels of change, presenting exciting opportunities for the expansion of the business.

“Having demonstrated sustained growth since inception, the move onto the public markets will provide us with new capital, a raised profile and enhanced ability to execute on acquisitions, as we seek to capture an increased share of the growing market for telecoms test solutions.

“We would like to thank our existing shareholders for their ongoing support and welcome our new shareholders at this exciting time for the company.”

Calnex has had success so far in 2020, despite the coronavirus pandemic substantially affecting business across sectors.

In June, the firm said it was looking to expand its capabilities through the addition of hardware and software design engineers, including four in Scotland, whose expertise will support and help accelerate the delivery of new products to market.

At the time, Cook said: “The pandemic has taught us that we need to be even more innovative and flexible in the way we work. We will incorporate lessons learned into our working practises once lockdown is lifted.

“We are fortunate to be in a position where we are presented with new and exciting opportunities to support the world’s growing telecommunications infrastructure.”

David Paul

Staff Writer, DIGIT

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