Appleby has acted for Manx Telecom PLC in connection with its recent flotation on the AIM market of the London Stock Exchange, raising ?156m.

Manx Telecom is the leading communication solutions provider on the Isle of Man offering a wide range of fixed line, mobile, broadband, data hosting and managed services to consumers, businesses and the public sector, as well as a growing portfolio of innovative solutions to offshore customers.

Appleby corporate partner Simon Cain led the Isle of Man team, which included counsel Gill Crennell and associate Alexandra Watterson, and worked alongside Linklaters. The IPO, which was oversubscribed, provided a successful exit for Hg Capital and CPS Partners following their investment in 2010.

Appleby banking partner and group head of corporate and commercial in the Isle of Man, Faye Moffett, led the team advising Manx Telecom on the refinancing of the group which was put in place for the transaction.

Simon Cain commented: “We are very pleased to have been involved in this flotation which marks a significant milestone in the continued growth of this well-established and essential Isle of Man business. Manx Telecom plays an important role in positioning the Isle of Man as a global centre of excellence for eBusiness and Appleby is pleased to have worked together with them to secure this future. The success of this substantial IPO is also a clear and timely demonstration of the faith placed in the underlying strength and the future prospects of the Manx economy by the City of London."