A spin-off of Marlowe PLC will list on the AIM market in London as Optima Health PLC, with an expected market capitalisation of £190 million, the two companies said in stock exchange filings on Monday.

London-based Marlowe is a provider of software and services for safety and regulatory compliance, while Sheffield, England-based Optima Health provides software for the occupational health sector.

Optima on Monday said it expects to start trading on AIM from Thursday this week with an initial market capitalisation of £190 million.

Optima didn’t provide its opening share price, but it said it will have 88.8 million shares in issue, implying a share price of £2.14 apiece. Panmure Liberum Ltd is acting as Optima’s nominated adviser and corporate broker.

Marlowe previously said Optima will not be raising new capital as part of its initial public offering.

For its part, Marlowe confirmed it plans to pay a ’demerger dividend’ on Wednesday. This will consist of one new Optima share for each Marlowe share held.

Marlowe shares were down 2.7% at 475.00p on AIM midday in London, giving the company a market capitalisation of £418.0 million.

Optima recorded adjusted earnings before interest, tax, depreciation and amortisation of £18.0 million in the financial year that ended March 31, down from £21.0 million in financial 2023. Revenue was £110.9 million, down from £115.3 million.

It said it has more than 170 large clients, with contracts worth more than £100,000 per year, and over 2,000 clients in total, spread across both the public an private sector in the UK.

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