Victorian Plumbing set to become biggest IPO on AIM
Victorian Plumbing, the online bathroom retailer, is set to become the largest flotation on the Alternative Investment Market (AIM).
The business announced plans to float at the beginning of June.
Based in Skelmersdale, Lancashire, the group employs more than 500 staff across seven locations in Skelmersdale, Manchester and Birmingham.
Today it announced the conditional placing of 4,427,481 new ordinary shares and 109,122,138 existing ordinary shares, at a price of 262p per share with institutional and other investors.
This would give the company a market capitalisation on admission to AIM of £850m.
On admission, the company will have 324,427,481 ordinary shares in issue and a free float of approximately 35%.
The placing of the new shares is expected to raise gross proceeds of £11.6m for the company, while the placing of the sale shares is expected to raise aggregate gross proceeds of £285.9m for the selling shareholders.
The company said the placing attracted strong support from high quality institutional investors and was significantly over-subscribed.
It said 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.
Admission and commencement of dealings on AIM are expected to take place at 8am on June 22 under the ticker ‘VIC’.
Founder and 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.
“It is a great pleasure to welcome our new shareholders to the business, and we are excited for the next chapter of growth together as a public company.”
GCA Altium is acting as nominated adviser and financial adviser in relation to the admission. Barclays Bank and Numis Securities are acting as joint global coordinators.
Victorian Plumbing held an estimated 14.2% of the bathroom market by revenue in 2020.
Revenues hit £208.7m and £26.2m adjusted EBITDA in the financial year ended September 30, 2020.
Growth trajectory has been maintained in the current financial year, delivering results of £140.7m revenue, and £20.1m adjusted EBITDA for the six months to the end of March 31, 2021.
