Pebble Group completes successful flotation on AIM
Manchester-based corporate promotions specialist Pebble floated on the AIM market this morning.
The firm, which provides products, services and technology to the global promotional products industry, is valued at around £175m based on its placing price.
Chief executive Christopher Lee said: “Joining AIM today is another landmark on the development of our group, allowing us to invest more readily in the future growth and development of the business and enable us to incentivise our people and maximise our potential.
“As we enter this next phase, I would like to thank everyone who helped The Pebble Group plc achieve a successful flotation today, most especially our own people, who have made the global business we have today and are the backbone of the group.”
Addleshaw Goddard advised The Pebble Group plc on its flotation. With an equity placing totalling £135m, this is the largest placing in connection with an AIM IPO this year.
This IPO will be the eighth on AIM this year, in what has been one of the toughest years for UK IPOs for some time.
Having also advised on the IPOs of essensys plc and Brickability Group plc, Addleshaw Goddard’s equity capital markets team has advised on more than a third of all AIM IPOs in 2019, more than any other law firm.
The transaction was led out of Addleshaw Goddard’s Manchester office by corporate partner, Richard Lee.
He said: “We are delighted to have advised The Pebble Group on its flotation on the AIM market.
“Whilst the markets have been incredibly tough this year, we hope for improved market conditions next year and continue to believe that certain businesses will, despite volatile economic and market conditions, still stand a good chance of successfully floating.”
The equity fundraise was managed by the IPO’s sole bookrunner, Berenberg, with Grant Thornton having been appointed The Pebble Group’s nominated adviser.