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Travers Smith advises Bytes Technology Group on its £646.6m Main Market IPO


Travers Smith LLP has acted for Bytes Technology Group plc (LSE: BYIT) on the demerger of the Bytes Group from Altron, a South African listed technology company, and its oversubscribed initial public offering and listing on the Main Market of the London Stock Exchange, with a secondary inward listing on the Johannesburg Stock Exchange. The Bytes Group raised gross proceeds of approximately £352.4 million in the IPO.

The Bytes Group is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud and security products. The Bytes Group enables effective and cost-efficient technology sourcing, adoption and management across software services, including in the areas of security and cloud. It aims to deliver the latest technology to a diverse and embedded non-consumer customer base and has a long track record of delivering strong financial performance.

The proceeds from the IPO will be used to pay costs and expenses in connection with the demerger and the IPO as well as to satisfy amounts due to Altron and Altron shareholders in connection with the demerger. The demerger and IPO completed at 8:00 a.m. on 17 December 2020.

The Travers Smith team advising the Bytes Group on the demerger and IPO was led by Corporate Partners Spencer Summerfield and Tom Coulter, and also included Senior Associate James Addison and Associate Carmella Crinnion. US securities Senior Counsel, Brent Sanders, provided specialist US securities law advice. Other specialist advice was provided by Employee Incentives & Remuneration Partner Mahesh Varia and Senior Associate Claire Prentice, as well as Tax Partner Russell Warren and Associate Hugh Brooks.

Numis Securities Limited acted as Sole Sponsor, Financial Adviser, Sole Global Co-Ordinator and Sole Bookrunner on the IPO. 

Corporate Partner, Spencer Summerfield, commented: "We are delighted to have acted for the Bytes Group on its successful demerger from Altron and Main Market IPO. It is an exciting time for the business and we look forward to following its next stage of development as a listed standalone group."

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