Media recruitment firm Steppingstone Associates floated on the Alternative Investment Market (AIM) last week.

The company, which owns Hamblyn Selection, acquired Inspired Selection for £2.7m on admission to the AIM. Hamblyn Selection focuses on senior appointments, while Inspired Selections has a strong franchise in the mid to lower salary bracket.

Steppingstone hopes to raise around £1.1m before expenses, at a placing price of 4p per share, and to acquire further recruiters in its sector. The move values the company at £6.41m.

The group is led by an executive management team comprising of Stephen Hyde as the chief executive and Andrew Mintern as the finance director. Hyde has been working in the media and advertising industry since the early 1980s.

David Mansfield, the non-executive chairman, is a well-known figure in the media industry, having been the chief executive of Capital Radio for more than eight years. Mansfield is also a director of media financier Ingenious Media, chairman of the radio audience measuring body Rajar and a non-executive director of Carphone Warehouse.

Mintern told Recruiter: "We decided to float because we believe there are lots of owner-managed recruitment companies out there which have reached the glass ceiling and we think if we can raise the capital we can bring those together under one roof and grow them."

Mintern says that Steppingstone may broaden its business into other related sectors because of the possible strong crossover of candidates between sister companies. "Strategy going forward is to look to acquire specialist media and communication market related recruiters with strong brands. These companies will keep their distinctive identities," he said.

Acquiring a publishing specialist recruiter is also very likely, as is international expansion, according to Mansfield.