2nd Nov 2021 16:51
Marks Electrical Group PLC - Leicester-based electrical products retailer - Raises GBP25.0 million through a placing of 4.5 million new shares and 22.7 million existing shares at a price of 110 pence per share, as part of its proposed listing on London's AIM.
Proceeds from the placing will go towards giving the company enough cash reserves for potential investments in capacity enhancements, as well as managing costs for moving to a larger premises.
Marks Electrical is expected to start trading on Friday at the London open, with 104.9 million shares issued overall, implying a market capitalisation of GBP115 million.
"We have been thrilled with the strong support we have received from institutional investors during the IPO and are delighted to welcome them as shareholders. I am also very pleased that our hardworking staff also now have shares in our company, recognising their significant contribution to making the business what it is today. Becoming a publicly listed company marks the start of an exciting new chapter for Marks Electrical as we push on with our growth plans and I look forward to growing the business alongside the rest of the team in the years to come," said Chief Executive Officer Mark Smithson.
By Dayo Laniyan; [email protected]
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