6th Mar 2018 13:28
LONDON (Alliance News) - Newly-incorporated Stirling Industries PLC began trading on the AIM Market in London on Tuesday, with a market capitalisation of around GBP8.9 million.
Shares were trading at 104.00 pence each, compared to its initial public offering price of 100.00p.
Its initial public offering was announced in mid-February, and Stirling issued 8.9 million shares at 100.00 pence each, having previously said it would issue 8.0 million shares at the same price.
Stirling had previously expected to float on Monday this week.
Stirling said in February it intends to acquire a company primarily operating in the industrials sector either the UK, Europe, or North America, though it may consider in future looking across the globe, including in emerging markets.
The size of its first acquisition is expected to be between GBP100.0 million and GBP500.0 million, it said, for a controlling or entire stake. The funds raised in the IPO will be used for operating expenses as well as to fund due diligence on potential acquisitions.
Related Shares:
STRL.L
