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Alfa Financial Software Holdings has managed to score the ‘largest tech listing in the UK in almost two years’, with a raise of £254 million.

Valued at just under £1 billion, the firm first made the announcement of its intention to list in early May, and now has the biggest IPO in London so far this year, to its credit.

Founded a whopping 27 years ago, the company is looking at further growth in the asset finance industry, which is a $5.4 trillion market. Alfa Financial has already bagged customers like Barclays, Mercedes-Benz and Bank of America under its belt.

It is understood that demand for Alfa stock was so high that as many as a third of investors who wanted shares, did not manage to score any in the float. That high demand for the stock also helped to boost Alfa shares higher in early trading today.

Andrew Denton, chief executive of Alfa Financial, spoke about the news, noting how joining the London Stock Exchange symbolizes an important step for everyone at the company:

We have built a business that is predicated not just on industry-leading technology, but also on a thorough understanding of our markets and deep relationships with blue-chip organisations across the globe. We have developed a strong platform from which we will continue to execute our proven growth strategy, and a public listing will be highly effective in supporting our ambitions. I would like to welcome our new shareholders who join us at this exciting stage in our growth.

Nikhil Rathi, CEO of the London Stock Exchange, welcomed Alfa and commented on London’s prominence in the global technology arena:

Welcoming Alfa to our markets today confirms London’s position as a leading global listing venue, able to attract and support dynamic companies from across all sectors and highlights the exceptional investor appetite for fast growing tech companies. Working across the entire financing ecosystem, London Stock Exchange continues to ensure that the fastest growing and most innovative UK and international businesses have access to critical equity growth capital. 

The news follows from Edinburgh-based accounting software provider FreeAgent having raised £10.7 million on AIM in October last year.

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