5th May 2016 09:00
LONDON (Alliance News) - Chocolatier and retailer Hotel Chocolat Group PLC and telecoms firm Toople PLC on Thursday announced the results of their initial public offerings, while consumer-finance company Morses Club PLC began its first day of dealings on the London market.
Hotel Chocolat, which will list on AIM, said it has raised GBP55.5 million in its IPO through the placing of 37.5 million shares at 148 pence each. Based on the placing price, Hotel Chocolat's market capitalisation is GBP167 million.
Hotel Chocolat said it raised GBP12 million for the company from the IPO, with the net proceeds to be used to accelerate its growth capital expenditure plan, while selling shareholders, which consist of certain directors and senior management, will receive gross proceeds of around GBP43.5 million.
On admission to AIM, founders Angus Thirlwell and Peter Harris will hold around 67% of Hotel Chocolat's issued share capital. Thirlwell also is the company's chief executive.
Admission and commencement of dealings are expected to take place next Tuesday. The IPO is being led by Liberum Capital Ltd as nominated adviser and sole broker.
"Today is a significant moment in the development of Hotel Chocolat, and we are delighted to have received such strong demand from investors. We have clear plans to invest further in our British chocolate manufacturing operations, in new stores and in our digital offering," Thirlwell said in a statement.
"We welcome our new shareholders and look forward with confidence to the next phase of our growth and development as a listed company," he added.
Toople, which is listing on the London Main Market, placed 25 million shares at 8p each, and also expects to commence dealings on Tuesday next week. Cairn Financial Advisers LLP is acting as financial adviser and Vicarage Capital as broker.
Meanwhile, Morses Club began trading on AIM on Thursday, having raised GBP68.5 million through the placing of shares at 108p each. Its market capitalisation is GBP140 million.
Shares in Morses Club were trading down 1.9% at 106p on Thursday morning.
"We believe that Morses Club has great potential, not only because of our products and the personalised nature of our services, but also because the UK home collected credit market is changing. We believe that both market consolidation and increasing digitisation represent attractive opportunities and that following our admission to AIM we are well placed to make the most of these opportunities for the benefit of our shareholders," Chief Executive Paul Smith said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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