EMIS to be valued at £175m

The Leeds-based firm, which was founded by two North Yorkshire GPs more than 20 years ago and computerises the records of patients of GP surgeries, said shares would be priced at 300p each.

The company will float on the Alternative Investment Market on Monday raising 50m. The share placing was two times oversubscribed.

The company will raise 25m to pay off a 23m loan from its founder shareholders while existing shareholders selling some of their stakes will make 25m.

The directors and senior management team of EMIS will own 52.9 per cent of the company while the founder shareholders will hold an 18.5 per cent stake.

Emis employs about 780 people, including about 500 at its Leeds headquarters. The group also has offices in Wakefield and Canada.

It currently holds more than 34m patients' records from 5,377 GP practices, representing 52 per cent of UK practices.

It works on an annual licence model, and generated operating profit of 15.8m on turnover of 58m in 2009.

Sean Riddell, chief executive of EMIS, said: "We are delighted with the positive response we have received from institutions to the placing and that investors share our enthusiasm for the growth potential of the group. EMIS' admission to AIM marks the beginning of a transformational new phase in the company's development and provides us with a platform from which to build on our leading market position."

Law firm Cobbetts advised the company. Baker Tilly were reporting accountants and Pinsent Masons advised Evolution Securities which is acting as nominated adviser and broker to EMIS.