Morse Holdings Ltd, the UK-based systems integrator and technology reseller, is to have an initial public offering on the London Stock Exchange in a deal that will value the company at 300m pounds. Around 200m pounds will be raised in the IPO. Over a third of the finance, 70m pounds, will be new shares; existing shareholders will release stock worth 130m pounds. The money raised will fund expansion into France, consolidation of MorseÆs position in Germany, and financial restructuring in the UK. The preference shares belonging to investors 3i Group Plc and PPM Ventures Ltd, who financed a management buy-out in 1995, will be bought out. The directors, including chief executive Duncan McIntyre, who owns 11% of the shares, will sell up to a quarter of their holdings. Morse also hopes to add a services component to complement its distribution sector in order to make it more competitive as a æone stop shopÆ providing complete IT tailoring from hardware to services. MorseÆs revenues for the year ending June 30 1998 were 216m pounds, an increase of 60% on the previous yearÆs figures. Merrill Lynch International will be the sponsor, global coordinator and bookrunner to the global offering.