Granger Telecom Ltd, the UK-based supplier of fixed wireless telephone networks, is to float on the European Easdaq exchange via an institutional placing set to value the company at up to $117m. The company will place around 20% of its shares with an indicative price range of $9-$11 per Global Depository Receipt (four ordinary shares per GDR). Granger, which turns over $40m a year, specializes in providing telecommunications networks to developing countries using Synchronous CDMA wireless technology. Recent contract wins include projects in Southern Ghana and the Chechen Republic. The company was formed by a management buy out from the Dallas-based parent DSC Communications Corp in 1993.
Guardian iT Plc, the disaster recovery specialist set to float on the London Stock Exchange on March 16, has announced it is to place 51.2 million shares at 255 pence, valuing the group at 130m pounds, 30m pounds more than originally anticipated. The company was formed in 1995 when the management team bought control from former parent ICL Plc. Last year, the company turned over 23m with pounds pre-tax profits of 4m pounds. The placing has been underwritten by SBC Warburg Dillon Read.
