Polypipe reveals IPO price

PLASTIC piping manufacturer Polypipe will have a market capitalisation of £490m when it floats on the main market next week.

Doncaster-based Polypipe which employs about 2,000 people, claims to be the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue. It revealed this morning that the offer price has been set at 245p per ordinary share.

David Hall, chief executive officer of Polypipe, said: “We are delighted with the strong interest we have seen from investors in Polypipe.

“The success of this initial public offering demonstrates the appetite from investors to take advantage of this rare opportunity to invest in a UK manufacturing company at a time when we are seeing growth in the UK construction sector, as well as the chance to share in the benefits of the investments we have made in the company over the last few years.

“We look forward to the next phase of our development and growth as a listed company.”

Polypipe operates from 16 sites, with operations in Doncaster, Loughborough, France, Italy and the Middle East and is set to float next Wednesday.