Vehicle tracking supplier Quartix has announced its proposed flotation on London's AIM market, with the shares expected to start trading on 6 November. The IPO comes at a time of continued growth for Quartix, as it cements its position as a leading supplier of telematics systems for business fleets and insurers, and extends its international footprint into the US and France. The total market capitalisation of the company upon admission to trading on AIM is expected to be £54.1 million.
“Admission to AIM is an exciting milestone for Quartix and will provide us with an enhanced platform from which to build on the momentum we have achieved over the past few years,” said Andy Walters, MD and co-founder of the company. “We plan to take advantage of the anticipated growth in both the commercial fleet and telematics-based insurance markets. In particular, we look forward to delivering on our strategy to extend our technology, low cost sales, and subscription model to grow our presence in the UK, France and the US.”