Fusionex to raise up to £15m on Aim Fusionex, a Malaysian software company, intends to raise between £10m and £15m in an initial public offering on Aim, becoming just the fourth flotation by a technology company in London this year. If successful, the offering will value the company at £60m-£80m, making it potentially the largest technology company to float in London for 12 months. Fusionex said it will use the cash to focus on its global expansion as well as fund research projects. Ivan Teh, managing director, said: "AIM will provide an ideal platform to accelerate the group's research and development initiatives whilst providing investments and working capital to fund geographical expansion." The group, which specialises in enterprise software as well as business research, earns around two-thirds of its revenues in Asia, although it has offices in Europe and the US. While a precise figure is unavailable, the free float is expected to be around 20 per cent of shares and is made up entirely of new shares. The IPO will take place in the next one to three months. Panmure Gordon is acting as adviser to the Malaysian company. The business will be a boost for Panmure Gordon, which has struggled throughout 2012 with low volumes on equities and a lack of corporate activity in the City, along with its peers. Mr Teh said that London's global reach was the main appeal for listing in the UK. "Fusionex, with its multinational presence, selected London as the choice of destination for its listing due to London's appeal as an international platform of high repute," he said. The Fusionex float comes after fellow technology companies WANdisco, Blur Group and Incadea all went public earlier this year with varying degrees of success. WANdisco, the Sheffield-based software developer that floated in June, opted for London over New York, despite being established in the US. The developer has proven to be a rare success story for London's struggling technology IPO market, with its share price having more than doubled since its flotation. Incadea, which raised £17m when it floated on Aim in May, has also seen its shares rise more than a third since going public. Blur Group, the business-to-business online procurement company, has had a tougher time, with its shares broadly flat since it went public in October after it raised £4m. The City has historically struggled with technology offerings, leading the London Stock Exchange to consider measures to make it easier for technology companies to list in London. Is it harder than other places for tech IPOs? Quite probably," said Fred Walsh, corporate finance director at Panmure Gordon. There's little VC or Angel funding and there's often no sell-down by management. If people put some money into the IPO, that gives institutions confidence.