Yü powers up with £26m flotation
Yü Energy, the Nottingham-based independent supplier of gas and electricity focused on SMEs, will be admitted to AIM this week after a successful IPO.
The IPO prices the company at £26m, and shares in Yü will formally start trading this Thursday (17th March). The company will receive £7.5m from the share deal.
Bobby Kalar, CEO of Yü Energy, said: “We have been delighted with the level of support from institutional investors and look forward to welcoming them as shareholders. The Placing was significantly over-subscribed which speaks volumes about the quality of business we have built, especially given current market conditions.
“The funds being raised will enable us to accelerate our growth and provide an increasing number of SME’s the energy they need at the right price and with the level of service that they deserve.
“I would like to thank all of our employees whose hard work has enabled us to reach this point and the success of this IPO does them all great credit. Together, we look forward to becoming a publicly listed company and creating value for all of our stakeholders.”
Kalar owns just over 60 per cent of the company, with other investors including Octopus Investments, Miton Group, Seneca Partners, Legal & General Investment Management, Hargreave Hale and Artemis Investment Managment.
