Oldham-based consumer goods firm Ultimate Products said its London Stock Exchange IPO price was set at 128p per share, which will equate to a market capitalisation of £105.2 million.

“The offer is expected to raise gross proceeds of £52.6 million for the selling shareholders,” said the company in a statement.

“The company will not receive any proceeds from the offer.”

“Company chief executive officer and co-founder Simon Showman, managing director Andrew Gossage and co-founder and non-executive director Barry Franks … who together will hold 44.85% of the ordinary shares at admission, have committed to lock up arrangements for a period of 12 months and orderly market arrangements for a further 12 months, in each case subject to customary exceptions,” said the firm.

Ultimate Products will list on the main London market as UP Global Sourcing Holdings under the ticker UPGS.

Shore Capital is acting as sponsor, global co-ordinator and bookrunner.

Showman said: “We are delighted to be welcoming new shareholders to the register as we take the business forward with this important step in Ultimate Products’ story.

“Ultimate Products is a fast growing business focused on selling consumer goods for the home under well-known brands to over 300 retailers across 38 countries.

“Our branded, mass-market strategy has consistently delivered significant organic revenue and profit growth, and we are well positioned for further growth as we leverage our strengths to take advantage of the substantial structural changes that continue to impact the retail market.

“We have been very pleased by the strong interest in our IPO that investors have shown, and we look forward to the benefits the flotation will create for our company, our people and our customers in the months and years ahead.”