Victorian Plumbing’s IPO set to be biggest ever on Alternative Investment Market
Online bathroom retailer Victorian Plumbing has said its IPO in the alternative investment market will be its largest ever.
The Merseyside-headquartered company announced plans to move to the London Stock Exchange’s AIM market earlier this month, and today announced the conditional placement of 4,427,481 new common shares and 109,122,138 existing common shares at a price. of 262p each.
The placement is expected to generate gross proceeds of £11.6 million for the company, giving it a market capitalization of £850 million upon admission.
Upon admission, the company said it will have 324,427,481 common shares in circulation and a free float of approximately 35%.
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Mark Radcliffe, Founder and CEO, said: “The overwhelmingly positive response to our IPO has been humbling and it is amazing to see the support and excitement surrounding our strategic plans.
“We are delighted to have reached this milestone. It’s a testament to the dedication of our amazing employees who helped build this unique and trusted brand and industry-leading proposition.
“It is a great pleasure to welcome our new shareholders to the company, and we look forward to the next chapter of growth together as a publicly traded company.”
The company added that the placement received “strong support” from high-quality institutional investors and was “significantly oversubscribed”.
Admission and commencement of trades on the AIM are expected to occur on June 22 at 8 a.m. under the ticker “VIC”.