Move values infrastructure business at 拢70m

Nexus Infrastructure has joined the AIM stock market via an IPO, valuing the company at around 拢70m.

The group 鈥� founded in 1976 and comprising groundworks business Tamdown and utilities arm Triconnex 鈥� placed 18.9 million shares at 185p each, raising gross proceeds of 拢35m.

Selling shareholders have agreed to hold their remaining stakes for 12 months following the firm鈥檚 launch on Aim, while Mike Morris, Nexus鈥� chief executive; Keith Breen, one of the group鈥檚 co-founders, and the group鈥檚 finance chief, Alan Martin 鈥� all principal selling shareholders 鈥� are subject to a restricted sale period of an additional 12 months.

Morris described the listing on AIM as 鈥渁n important milestone鈥� for the group.

鈥淭he directors and senior management team, who have extensive experience in the infrastructure services and utilities sectors, will retain a significant shareholding in the company and will be fully aligned to the interests of all stakeholders and the future success of the business,鈥� he added.

Nexus numbers house builders Countryside, Bellway, Persimmon, Taylor Wimpey and Barratt among its client base.

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