'I don't want to get into the habit of checking the share price' - Bytes CEO as software reseller IPOs

Bytes' valuation rocketed past expectations in early trading

Software reseller Bytes has listed on the London Stock Exchange, with its valuation exceeding expectations during early trading.

CEO Neil Murphy told CRN that employees gathered at the firm's head office ahead of the IPO, adding that the business is "raring to go" as a public company.

"We're energised to continue the growth story," he said.

"It's been a really exciting morning; there's a great atmosphere and there have been some bubbles poured.

"Monday will be a normal working day, but today is not a normal day.

"You don't IPO more than once in life normally, so we're basking in the glory today and we're going to make the most of it, but then we'll be back to normal next week."

Bytes' parent company revealed its intention to float the Leatherhead-based firm earlier this year, claiming Bytes' value was not fairly represented in Altron's own share price.

Murphy told CRN that Bytes staff have taken part in the listing through an employee share scheme.

"I'm proud of everybody in the company," he added.

"I've been here 23 years and we've been slowly building up the business. This was never necessarily the end goal; it is the beginning of a new chapter to continue growing the business.

"This is never down to one leader; It's down to everybody in the business. They're such a good bunch and I'm pleased to have them with, so it's a very satisfying feeling."

Bytes last week set its proposed share price at between 240 pence and 290 pence.

Shares were priced at 270 pence at the start of its conditional trading when the London Stock Exchange opened this morning, but rocketed as high as 338 pence soon after.

The share price stood at 330 pence at the time of publication, which would give the firm a valuation of over £790m.

The reseller's shares are expected to be widely available for trading next week, but Murphy said he won't allow the share price to dictate how he runs the business.

"I'll be honest with you, I don't want to look at the share price because I don't want to get into that habit," he explained.

"I think it's very easy for us to become distracted by things like that.

"I don't want it to dictate how I feel in a day or determine what I do. I just want to keep my head down and keep focused on running the business."