4th Jun 2014 12:03
LONDON (Alliance News) - Retail logistics company Clipper Logistics PLC saw a steady rise in its shares Wednesday, on the first day of unconditional dealings in its shares on the main market in London.
Clipper, which was founded in 1992 by the company's current Chairman, Steve Parkin, helps UK retailers with logistics and their online operations. Its customers include ASOS PLC, Tesco PLC, Asda, Wm Morrison Supermarkets PLC, SuperGroup PLC and The John Lewis Partnership. The company also has a small German operation.
The company placed 49.9 million shares at 100 pence each in its recent IPO. It has 100 million shares in issue in total, giving it an initial market capitalisation of about GBP100 million. However, the stock was trading at 112 pence in early conditional dealings last Friday.
Clipper shares were trading 1.3% higher Wednesday afternoon at 115 pence, the first day of unconditional dealings.
The company is looking to expand further, taking advantage of increased internet shopping.
Parkin remains Clipper's biggest shareholder following the IPO, with a 34.8% stake. Other directors hold a 10.6% stake.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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