Five-a-side football centre operator, Powerleague, has announced its intention to float on the London Stock Exchange’s Alternative Investment Market (AIM).

Powerleague, which currently operates 26 sites throughout the UK, said it is looking to use the float to expand its portfolio to 100 sites in the UK and Europe.

The announcement comes four months after Powerleague’s rival, Goals, exceeded analysts’ expectations with its IPO on the AIM.

Goals was initially estimated to raise around £25m through the float but was valued at £34m by the end of its first day of trading. Since the initial float price of 82p, shares have peaked at 128.5p.

Powerleague hopes to raise around £28m from its float, and will enter the AIM with a market capitalisation of £40m.

The company is headed by executive chair Claude Littner, a former Tottenham Hotspur chief executive, who currently owns 50 per cent of the company.

“This listing comes at a very exciting time for the business and will significantly add to our ability to build the Powerleague brand nationally,“ he said. “We are breaking new ground in the five-a-side market in terms of developing commercial clients and attracting high-profile sponsors.”

Powerleague has already agreed to acquire four new centres from rival operator VIDA and has 16 new openings planned. During the year to 30 June 2004, the company reported profits of £2.4m.