Linlithgow-based telecoms firm Calnex Solutions plc said on Monday its shares started trading on the AIM market of the London Stock Exchange under the ticker CLX.

“The company has successfully raised £22.5 million (before expenses) by way of a significantly oversubscribed placing of 46,875,000 new and existing ordinary shares, at a price of 48.0 pence per share,” said the Linlithgow company.

“Calnex’s market capitalisation at the placing price on admission will be £42 million.”

Calnex designs, produces and markets “test instrumentation and solutions for network synchronization and network emulation, enabling its customers to validate the performance of the critical infrastructure associated with the telecoms networks.”

Its customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook.

Gross proceeds from the IPO received by selling shareholders will be £16.5 billion with the company receiving £6 million.

Market capitalisation will be £42 million.

Calnex founder and CEO Tommy Cook said: “Joining AIM today is a significant landmark for Calnex.

“The successful fundraise and move onto the public markets provides us with the resources to expand our product portfolio, both organically and through acquisition, to take advantage of the significant structural changes taking place in the global telecoms industry.

“I would like to take this opportunity to thank the Calnex team for all their hard work through the years, our existing shareholders for their ongoing support, and to welcome our new shareholders to the register.

“With many of the world’s leading players in the telecoms market on our client roster, a proven track record in innovation, strong financial position and global distribution capability, we are confident in our ability to capitalise on the opportunities ahead.”

Cenkos Securities plc is acting as nominated advisor and broker to Calnex.