22nd Jun 2021 11:55
Victorian Plumbing Group PLC - Skelmersdale, Lancashire-based bathroom products retailer - Hails a "landmark day" for the business, as it floats on the AIM market of the London Stock Exchange. Shares were trading at 312.03 pence in midday trading, up 18% from their 262p placing price, giving the company a market capitalisation of around GBP1 billion. This would slot it inside the 30 most valuable companies on London's junior market, based on current market values.
The company is hoping raise GBP11.6 million, with existing shareholders selling GBP285.9 million worth of stock, giving a total initial public offering of GBP297.5 million.
Founder and Chief Executive Mark Radcliffe comments: "Today is a landmark day in the history of Victorian Plumbing. The successful completion of our IPO and admission to AIM is an exciting next step on our growth journey."
Before the float, Radcliffe held a 72% stake in the company, according to regulatory filing. On admission, this has now dropped to 46%.
GCA Altium is acting as nominated adviser and financial adviser in relation to the listing, with Barclays Bank PLC and Numis Securities Ltd as joint global coordinators.
Current stock price: 312.03 pence, up 18% Tuesday
By Will Paige; [email protected]
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