30 April 2007 | Paul Snell
Shares in business process outsourcing firm Xchanging have risen 10 per cent since the company floated on the stock market.
The firm last week announced it would offer its shares to the stock exchange at 240 pence each, valuing the company at just under £500 million.
But this morning the shares were at 264.5 pence, and have risen as high as 271 pence in the opening days of trading.
The company, which provides procurement outsourcing to clients including BAE Systems, United Biscuits and Alliance Boots, hoped to raise an extra £75 million for its business by floating on the stock market.
Speaking at the launch of the flotation, David Andrew, the firm's chief executive, said he was pleased with the strong demand for the shares and market response to Xchanging's float.