Personal computer-to-Unix communications software developer Unipalm Ltd plans to go public in London in late March or early April, and will use the UKP6m it hopes to raise to expand the Internet service provided by subsidiary, The Public IP Exchange Ltd, Pipex (CI No 2,359). The placing will be underwritten by Henry Cooke Corporate Finance Ltd, and the Cambridge-based company estimated capitalisation is between UKP15m and UKP18m. Pipex was set up in January 1992 to provide UK users with a connection service to the Internet, and already claims to have 70% of this market, the equivalent of 200 customers. In 1992, its first year of trading, the unit generated turnover of UKP381,000, on losses of UKP308,000, and for the first half of the 1993 fiscal year ending October 31, generated UKP592,000 in sales and a pro rata loss of UKP313,000. It reckons it is growing at between 5% and 10% per month, but requires further capital to increase its sales and engineering staff and set up more transmission stations. In the first half of fiscal 1993, Unipalm reports that it turned over some UKP4.4m, on pre-tax profits of UKP461,000 – not including the figures from Pipex.
