Housebuilder Oakdene and brick maker Michelmersh are to list on the alternative investment market, the junior version of the London stock exchange.
Oakdene, based in the South-east, was due to start trading yesterday, with an initial ambition to raise £5m for investment. It was expected to have an initial market value of £20m.

The housebuilder has traded on an even more junior market, OFEX, since 2001, but decided further expansion was necessary.

Carl Turpin, chief executive, said: "We've been on OFEX for nearly three years and felt that we had exhausted it. We had the option to have a venture capitalist [to back the company], but we did not find that too palatable."

A venture capitalist would look to leave the company after making a profit from its sale.

Hampshire-based specialist brick maker Michelmersh will list at the end of this month. It hopes to raise £6m at first. Its market value should be about £24m.