21st Apr 2016 09:12
LONDON (Alliance News) - Forterra PLC on Thursday commenced conditional dealings on the London Stock Exchange's Main Market after pricing its initial public offering.
Forterra priced the float at 180 pence per share, giving it a market capitalisation of GBP360 million. Shares in the company were trading below the float price on Thursday morning at 178.5p.
Forterra is a masonry products manufacturer focused solely on the UK market which makes clay and concrete bricks for sale to the residential new build and repair, maintenance and improvement markets.
In 2015, it delivered earnings before interest, taxation, depreciation and amortisation of GBP71.0 million on revenue of GBP290.0 million.
Forterra said its IPO comprises the sale of 70 million shares by LSF9 Concrete UK Ltd, following which LSF9 will hold 65% of Forterra's share capital.
LSF9 has also granted Deutsche Bank an over-allotment option over up to 10.5 million shares, representing 15% of the offer shares.
Unconditional dealings are expected to commence on April 26.
"We are very pleased to be listing on the London Stock Exchange following the strong interest that investors have shown in Forterra. We are excited to begin this new period as an independent company with a well-invested and efficient manufacturing base, and the appropriate capital structure to take advantage of the growing UK housing market," Chief Executive Stephen Harrison said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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