Conduit to float 20% of its stock on Neuer Markt at end of the month

Conduit, the Dublin-based provider of telephone directory assistance services, has said it will float 20 per cent of its stock on the Neuer Markt in Frankfurt on June 30th.

Some 3.5 million shares will be priced between €13 and €16, meaning that the company will raise between €45.5 million and €56 million if the part-flotation is successful. This would value Conduit at up to €280 million, although an additional 525,000 shares have been reserved as an over-allotment option.

Founded in 1996, Conduit employs 650 people. It recorded sales of €11.03 million in the year to the end of March.

The primary beneficiaries of the flotation will be Conduit's founder and managing director, Mr Liam Young, and its chairman, Mr Eddie Kerr.

They currently hold more than 50 per cent of the stock and the initial public offering is expected to dilute their holding to about 41 per cent, sources said.

The remainder of the company is held by private investors and the Finnish telecoms company Sonera, which holds a 12.5 per cent shareholding in a deal reached last month. No price was disclosed.

Sonera's shareholding will fall to about 10 per cent after the flotation.

Conduit has said it will use the proceeds of the flotation to introduce services in Britain, enhance software development and set up a call centre in Switzerland.

Conduit operates the 11850 directory enquiry service in the Republic. It also provides enquiries services for Esat and the UK mobile phone company Orange.