IXEurope Floats and to Build Next Datacentre

IXEurope plc one of Europe’s largest and fastest growing independent datacentre outsourcers has announced the commencement of trading in its shares on AIM.

IXEurope provides datacentre capacity and service to enterprise, Internet and telecoms customers such as Merrill Lynch, Capgemini, Google (a member of the IXEurope internet exchange in Zurich) and France Telecom. Launched in 1999, IXEurope has achieved rapid customer growth, with annual revenue growth of over 30 per cent. for the past six years. The Company operates ten IXDatacentres in four European countries: the UK, Germany, France and Switzerland. IXEurope provides a range of datacentre services including co-location space, dedicated suites, network services, technical support and business continuity services.

The Company has raised £10 million through an institutional placing at 22p, which values IXEurope at a market capitalisation of approximately £38 million.

The Group intends to use the proceeds of the placing for the repayment of a £5.0 million bridging loan and shareholder loans of £1.9 million. Further proceeds will contribute to the fit out of a further large planned datacentre (London 4) to the West of London. The total cost of London 4 is estimated at approximately £15 million and will be phased in line with customer demand.

Investec, the nominated adviser and broker to IXEurope, has underwritten the Placing and placed all the shares with institutional investors.