Truell's Tungsten set to make £160m with 'oversubscribed" flotation on AIM In February 2012, Edmund Truell set up a new venture, Tungsten Corporation, with the sole aim of buying an existing financial services company in a high-growth industry. Mr Truell opted to acquire electronic invoicing company OB10, which processed £100bn worth of transactions last year alone and boasts GSK, Unilever and Centrica among its clients. He and a consortium of other investors, including Michael Spencer of Icap fame, made a significant investment up front, and proposed a flotation on AIM to raise £160m. Out of this sum, the directors are paying OB10"s 140 existing shareholders £70m and giving them "a second bite at the cherry" with a 13pc stake in Tungsten, said Mr Truell. New investors on the stock market will have 70pc for £160m, while he and his colleagues will own 17pc. "We closed the books on Wednesday and we're comfortably oversubscribed, despite American government's attempts to spoil my day," he said. This US debt ceiling is spooking the markets. Mr Tuell is now waiting for one final piece of the puzzle to fall into place: regulatory approval for the purchase of a bank, which will enable him to turn OB10 into an invoice financing business, with considerably higher margins. "In the UK alone invoice financing is worth about £60bn so we will grab a decent share of that market," he said. The company is also capitalising on new EU legislation which mandates that government must use electronic invoicing from 2016. "They've finally got the plot," he added. Mr Truell is a City legend, selling over 100 businesses while at private equity house Duke Street Capital, and going on to launch Pension Corporation with brother Danny in 2006. Aside from his business interests, he is also chair of the London Pension Funds Authority. Boris Johnson appointed him last year to inject some private sector nous into the London's £4.6bn public sector pension scheme.