Qatar construction group floats on AIM

Qatar construction group Panceltica today becomes the biggest company to list on the Alternative Investment Market (AIM) this year.

The company, which floated at 100p with a market capitalisation of £236m, aims to benefit from the continuing construction boom in the Arabian Gulf.

Panceltica specialises in lightweight steel-framed buildings, and claims its system of constructing houses or apartment blocks is up to eight times as quick as conventional construction methods using concrete frames.

"We're currently putting together four-storey, 32-apartment blocks in just 31 days," said deputy chairman Charles Green.

The company is not raising any new money from the flotation, having raised £55m several months ago via the less-risky route of IPO (initial public offering) financing, which allows firms to raise capital without having to worry about prevailing market conditions.