Demon Internet Ltd has completed a private placing with private investors and UK institutions to raise ú5.5m of new money after expenses. The Internet acces provider with a bank of modems in north London claims to be the UK’s largest, with some 45,000 subscribers at October 1 and says it is expanding at 8% each month net after cancellations. The placing of shares at ú20 each values the company at ú26.7m. The new shares represent 34% of the enlarged equity, according to Demon’s chairman, managing director and co-founder Cliff Stanford. The placing was handled by stockbroker Durlacher Ltd, and Apax Partners & Co was among the institutional investors. Stanford insisted that Demon had no plans whatsoever to float, at least not at the moment. He said Mercury Communications Ltd was still on schedule to roll out the 100% local call rate coverage of the UK population which was promised for the end of this month (CI No 2,751). Demon plans to launch in France in the near future. Demon reported pre-tax profits of ú353,000 for the year to April 30, up from ú65,000 last time, on turnover of ú2.7m, up from ú423,000 last time.