17th Jun 2021 10:59
(Alliance News) - Bathroom products retailer Victorian Plumbing Group PLC on Thursday unveiled plans for a float on London's junior AIM market, potentially listing on Tuesday next week.
The Skelmersdale, Lancashire-based company plans to raise GBP11.6 million, with existing shareholders selling GBP285.9 million worth of stock, giving a total initial public offering of GBP297.5 million.
Shares will fetch at 262 pence each in the IPO, giving Victorian Plumbing an GBP850 million value on admission. This would slot it inside the 30 most valuable companies on London's junior market, based on current market values. It will have a 35% free float.
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.
"The primary proceeds of the placing will predominantly be used to satisfy the direct costs of the IPO process. The company also intends for the placing to position Victorian Plumbing strongly for the next stage of its development," Victorian said.
Dealings of its shares are expected to begin next week Tuesday.
Chief Executive Mark Radcliffe said: "The overwhelmingly positive reaction to our IPO has been humbling and it is amazing to see the support and excitement around our strategic plans.
"We're thrilled to have reached this milestone. It is a testament to the dedication of our fantastic employees who have helped build this unique and trusted brand and industry leading proposition."
Radcliffe currently holds a 72% stake in the company, according to regulatory filing. On admission, this will drop to 46%.
By Eric Cunha; [email protected]
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Victorian Plumbing