By Heather McLean, 6 November 2001 14:10
NEWS
Virtual network operator Vanco is the first UK company to IPO since July with an oversubscribed demand for shares.
The 13-year-old company, which repackages telco and carrier offers for consumers, picked this volatile time to launch itself onto the London Stock Exchange because it wanted the floor to itself said Vanco CEO Allen Timpany.
Timpany added: "We want to be the first mover in this space and our IPO timing was dictated by a need to go to market after the telcos and carriers that were launching every day nine months ago caught a collective cold."
Vanco was supposed to have launched on a share price of £1.03 valuing it at £50m, but shares peaked at £1.18 this morning.
Timpany said: "Our business is shooting up by 50 per cent each year. We've got backing for something in the networking industry when the market is down."
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