Blinkx shares surge on first day of dealing

Shares in video search engine Blinkx, which opened their first day of AIM trading at 45p, ended the day up 40 per cent at 63p.

Blinkx’s AIM debut follows its demerger from parent company Autonomy, a developer of enterprise software, which retains 10 per cent of the consideration.

The second day of trading sees a placing of 56.4 million new ordinary shares, representing around one-fifth of the company’s total market capitalisation. The placing is oversubscribed and will raise approximately £25 million for Blinkx at the price of 45p per share.

Founded in 2004 by chief executive officer Suranga Chandratillake, Blinkx has indexed some 12 million hours of searchable video content via web spiders and partnerships with content providers. Users can also create personal playlists or build a customised ‘video wall’ for their blog.

Chandratillake says: ‘We are delighted that the initial interest in Blinkx has been converted into strong demand. We now begin life as a public company with the balance sheet to match our operational strength.’

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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