UK IT services company Synstar Ltd is to make an IPO on the London Stock Exchange in early March. The company hopes to raise 150m pounds from new and existing shares, with the 93m pounds from new shares to be used to repay debts from its 89m pound management buy-out in 1997. Synstar, formally Granada Computer Services International, changed its name in September, a year after it was bought out of the Granada Group. Synstar offers IT services independent of product vendors and counts 55 of the FTSE 100 companies among its customers. It made net income of 9.4m pounds in the year to September 30 1998 on revenues of 164.4m pounds.
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