GP records firm valued at £175m by flotation

Leeds-based Emis said a placing of about 29 per cent of its shares raised a total 50m, with shares priced at 300p each.

Emis was founded by two North Yorkshire GPs more than 20 years ago and computerises the records of patients of GP surgeries.

The flotation allowed existing shareholders, who are mainly staff, to raise 25m by placing shares with institutions. Another 25m of new shares were placed with institutional investors to repay a 23m loan from the company's founders.

Following the placing, which was two times subscribed, directors and senior management own about 53 per cent of the company, with its founding shareholders retaining around 18 per cent. Shares will begin trading on Monday.

Chief executive Sean Riddell 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's 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."

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