Advising Scottish Enterprise (SE) on its partial exit from Calnex Solutions as part of a successful £42 million IPO of the company on AIM

Calnex is a Linlithgow head-quartered company providing test and measurement solutions for the global telecommunications sector. Its customers, which are based in 68 countries around the world, include BT, Nokia, IBM and Facebook.

The IPO, which is the first London admission by a Scottish company since 2018, valued Calnex Solutions plc at £42 million on its entry to trading on AIM. The associated placing of new and existing shares raised a total of £22.5 million from investors, comprising £16.5 million returned to existing shareholders and £6 million of new funding for Calnex.

Outcome

Brodies advised SE on the process, which included terms of the admission and placing documentation, co-ordinating with Calnex and its Nominated Advisor, and tailoring those terms in light of SE's particular requirements as an investor of public funds.