French service company Algoriel SA will start trading on the Nouveau Marche in Paris on February 23, following the completion of an initial public offering of 264,000 shares, or 30,8% of the company’s capital. Of the shares going on sale, 96,000 are existing and the remainder new. Algoriel is primarily involved in the training of IT personnel, though it has also developed software for clients including incumbent telco France Telecom. The company expects to report revenues of Fr91m ($15.6m) for the current financial year, which ends March 31, with a net profit of Fr8m ($1.37m). The financial institution handling the offering, Ferri SA, will announce the final price determined by the bookbuilding process on February 19, the price range having been set at 16-18.45 euros ($17.99-$20.75). The company plans to use the funds raised to finance acquisitions.
