Belfast IT firm Kainos to float on London Stock Exchange

Kainos has approximately 730 staff across its seven offices

Belfast-based IT firm Kainos is set to float on the London Stock Exchange.

The initial public offering on Friday is set to raise £52m in shares, and values the company at £161m.

Kainos is headquartered in Belfast and has approximately 730 staff across its seven offices.

It was founded in April 1986 as a joint venture between ICL and QUBIS Ltd. Kainos reported profit before tax of £11.8 million last year.

The firm's floatation is being supported by the bank Investec.

The flotation will make it one of three publicly listed companies in Northern Ireland, along with First Derivatives in Newry and UTV.

Kainos's chief executive Brendan Mooney said the company had been "delighted" by the response to the initial public offering.

"The task for us now is simple - to maintain our growth trajectory," he added.

"We have a clearly defined strategy in place to see that happen and are looking forward to life as a listed company."

Law firm Pinsent Masons aided Kainos with the process.

Paul McBride, the head of its Belfast office, said that although the number of listed companies in Northern Ireland was small, there is "potential fit for many more firms to access investment via the markets".