Clipper to raise £100m from IPO

CLIPPER Logistics has announced the successful pricing of its IPO which will raise around £100m.

The Leeds-based business, which was founded by Steve Parkin in 1992 and works with major retailers including John Lewis, ASOS, Morrisons and Asda, said that based on the placing price of 100p per ordinary share, the total market capitalisation of Clipper at the start of dealings will be around £100m.

TheBusinessDesk.com reported in January that a flotation on the London Stock Exchange was a serious option for the group, which said an IPO was the next logical step to support its ambitious growth plans.

Mr Parkin, executive chairman, said: “I am delighted with the success of the offering and the strong response from investors demonstrating their support of the company’s ambitious growth plans. This is a major milestone in the company’s development and I look forward to the next phase as a publicly listed company with great confidence.”

Admission and the start of unconditional dealings are expected to take place on June 4.  

Law firm DWF in Leeds acted for Clipper.