Software, security and cloud services specialist The Bytes Group has floated.

The Surrey-headquartered firm announced the successful pricing of its oversubscribed IPO, which values the company at approximately £646.6m.

The firm reports that the IPO will raise total gross proceeds of approximately £352.4m, some of which will be used to pay the demerger stamp duty and IPO expenses.

The primary listing of the shares will be on the London Stock Exchange with a secondary listing on the Johannesburg Stock Exchange.

In April 2020 it was reported that the firm was to demerge from its parent company, South African tech group Altron in a move designed to unlock value for Altron shareholders.

Neil Murphy, Chief Executive Officer, commented: “It gives us great pleasure to welcome our new shareholders to the business.

“We believe listing as a standalone group gives us a tremendous platform to deliver on the strong growth opportunities we see in our markets.  We are delighted by the level of interest shown by potential investors and are looking forward to this exciting next stage for Bytes Technology Group.”

Bytes Technology Group progresses with intention to float