10 December 2010

Jendens Securities announces £31 million IPO of INTERNETQ

Jendens delivers despite tough IPO market

Jendens Securities (Jendens), the stockbroking and advisory firm, has advised InternetQ on its AIM listing. InternetQ is a mobile marketing services company operating in emerging markets in Europe, the Middle East and Latin America. The company commences trading of its shares today, Friday 10th December, at an initial market capitalisation of £31 million. The Placing involves the issue of 5,641,025 Placing Shares to raise gross proceeds of £6.8 million, (£5.7 million net of expenses) for InternetQ. Jendens has an attractive initial share price target of 180p, 50% above the listing price. The listing comes amidst a slow recovery for the volume of IPO’s on AIM this year, with only £678 million raised for 65 companies by October 2010.

InternetQ is used by major mobile operators such as Vodafone, Orange and MTV Network to send promotions to its customers. The business has a strong track record of profitable growth and with the £6.8 million proceeds of the listing, the company is very well resourced to exploit future expansion opportunities. For the first half of 2010 InternetQ generated an EBITDA of €2.6million from revenues of €18million. Since 30 June 2010, the company has continued to trade profitably, generating revenues of approximately €12.6million for the four months to 31 October 2010.

Kim Richardson, chairman and founder of Jendens comments: “Jendens has successfully completed the AIM listing of InternetQ in what is still a very difficult IPO market. We had a clear strategy from the outset and our ability to execute even in turbulent market conditions is testament to the vision and hard work of our team. We embraced support from the Greek market and this has helped to ensure that the IPO has been appropriately supported in its home market as well as with the UK fund management community.”

The proceeds of the placing will be used to expand the company’s operational capabilities and enhance its mobile marketing interactive platform and to set up new offices in its key markets that could benefit from local presence.

InternetQ is currently connected with 55 mobile network operators in 24 different countries, reaching over 573 million mobile subscribers.

ENDS