Irish-owned Horizon Computer Group is understood to be about to take a stock market listing on the Dublin and London exchanges.
Although a spokesman for the Cork-based firm was unavailable for comment last night, an announcement is expected within days and the proposed listing is likely before Christmas.
More than 25 per cent of Horizon, which was valued at around £70 million (€88.8 million) two months ago, is widely expected to be placed in order to raise around £18 million. However, some industry sources have suggested Horizon may pursue a more ambitious strategy. Company founder and Cork-born entrepreneur, Mr Samir Naji, is the largest shareholder in the group with a 67 per cent stake. His holding is likely to be significantly diluted following the planned flotation.
Horizon's valuation has increased dramatically in the past year. Last autumn, the group postponed a public listing because of stock market weakness. At the time it was valued at around £45 million following a private placing of 16.25 per cent of the equity earlier in the year.
Over the summer, Horizon was believed to be in discussion with Eircom with a view to a possible buyout by the telecoms group. It was reported last month that negotiations had been suspended, after talks collapsed in a deal estimated at £70 million.
Although the reported price would not have appealed to Horizon, there were believed to be other differences between the two companies as to business focus.
It is understood NCB Stockbrokers will act as corporate finance adviser to Horizon, having already done groundwork for the previous planned listing.
In 1998, Horizon had pre-tax profits of £2.3 million on sales of £96.8 million and, at the time, NCB estimated the group would generate profits of £4.3 million on sales of £115 million this year. However, given the current buoyant climate within the technology industry, the profit forecast at that time for 2000 of £6.4 million appears conservative.
Horizon, which was founded 11 years ago, has a solid record of profit growth and has managed to avoid substantial debts since its inception.
The company employs 230 people in Ireland, the UK and Europe.
It has grown rapidly in the past two years, partly through a series of acquisitions and more are thought likely after a flotation.
The group is one of the State's largest independent providers of computer services and information technology products and has significant business in systems integration, distribution and consultancy.
Last year, Mr Kevin Melia, chairman and chief executive of electronic outsourcing group Manufacturers Services, was appointed chairman of Horizon.
