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Mixed reception for Aim companies
The wider market malaise ensured a mixed performance from the clutch of companies that braved the turmoil and made their debuts on Aim.

Focusrite, a supplier of sound equipment to amateur and professional musicians, put in the strongest showing. Led by Phil Dudderidge, who became Led Zeppelin’s first live soundman in 1970 and is now the company’s executive chairman, Focusrite on Thursday started trading under the memorable stock market ticker of TUNE. The shares enjoyed brisk gains.

Priced at 126p a piece in the float, which was handled by Panmure Gordon, the stock closed the session at 136½p. A market cap of £80m had been hoped for, although at £73.2m the company’s initial public offering valuation still fell within the £70m to £90m eyed by Panmure.

The float raised £21.9m, the lion’s share of which went to Mr Dudderidge, who sold down about a quarter of his 77.5pc stake. The former roadie built up the company after buying assets of Focusrite out of liquidation in 1989.

Management Resource Solutions was another that made its junior market debut, with its shares easing to 29½p from the 30p admission price.
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