13th Mar 2015 09:37
LONDON (Alliance News) - Shares in Revolution Bars Group PLC began condition dealings on the London Stock Exchange's Main Market on Friday, after pricing its initial public offering at the bottom end of its expected range.
The operator of 58 Revolution and Revolución de Cuba bars priced the IPO at 200 pence per share, giving it a total market capitalisation to GBP100 million. The company had last month said it expected a price range of 200p to 240p.
The stock was quoted flat at 200.1p in conditional dealings Friday morning.
The offer raised GBP86.0M for selling shareholders. Caspian Bidco Ltd will continue to hold a 10% stake following the flotation, with Revolution management having 4.0%.
No new shares were issued as part of the IPO, so no money was raised for the company.
"We believe we are ideally placed to proceed with our growth strategy and roll-out plans for Revolution and Revolución de Cuba," CEO Mark McQuater said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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