Revolution valued at £100m at IPO
SHARES in Revolution Bars Group have been priced at 200p per share which will achieve a £100m valuation for the company.
This follows the announcement last month of the Ashton-under-Lyne headquartered company of its intention to proceed with an initial public offering (IPO).
The offer comprises 42,984,234 shares, representing 86% of the group’s 50m shares.
Selling shareholder Caspian Bidco will raise £86m from the offer will hold 4,999,999 shares, representing about 10% of the voting rights and members of the company’s senior management team will hold 2,015,767 (4%), attached to Revolution’s issued share capital.
Conditional dealings in shares started today on the London Stock Exchange at 8am.
The group, which currently trades from 53 Revolution bars and five Revolución de Cuba bars, has said it hopes to grow its estate to 100 Revolution bars and 40 Revolución de Cuba bars.
Chief executive Mark McQuater said: “We are excited to begin this next stage of Revolution Bars Group’s development.
“On behalf of the Board, I would like to thank all of our employees, customers and investors for their commitment to the group.
“With their support, we believe we are ideally placed to proceed with our growth strategy and roll-out plans for Revolution and Revolución de Cuba.”
