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A specialist in fast-track construction, Qatar-based Panceltica has floated on AIM with a market capitalisation of £236.4 million. The company raised US$115 million (£58 million) of cash prior to the initial public offering (IPO).

Aided by broker Hitchens Harrison and nominated adviser Blomfield, Jersey-incorporated Panceltica secured much of the funding from the Middle East, although UK investors include pre-IPO specialist St Peter Port Capital, chaired by serial investor Bob Morton.

Panceltica’s controlling shareholders are non-executive director Hameed Mostafawi and chief executive Paul Fraser, father-in-law of the company’s chief operating officer. The pair have received a ‘cash dividend’ of $24 million as a result of the flotation.

According to the group, a technology called Scottsdale speeds the construction process by allowing lightweight steel frames to be rapidly assembled on the building site. Panceltica owns the rights to this technology everywhere outside North America and Mexico.

Operations are focused in the Gulf states at present, with clients including government-backed businesses in Qatar and Abu Dhabi. Trading for the previous two years at break-even, Panceltica turned over $123.9 million last year, 98 per cent from a single contract, and generated a profit of $19.8 million after tax.

The company’s shares have risen since the IPO from 100p to 115p.

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