Shares in Qinetiq began trading today as the UK tech firm kicked off its £1.3bn IPO. The shares were valued at 200p each - at the top end of 165p-205p range set for the float - but surged ahead in brisk early trading.

By mid morning shares were changing hands at 216p.

Boffins intend to use the cash raised from the IPO to help develop the business and snap up a few "appropriate acquisitions". Around £45m of the cash raised will be used to plug a hole in its pension scheme.

In the six months to September 2005 Qinetiq generated a turnover of £473m and an operating profit of £37.5m. ®

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