Skelmersdale, Lancashire-based Victorian Plumbing Group plc, an online retailer of bathroom products and accessories, announced on Thursday details of its proposed IPO with a market capitalisation of £850 million.
The group employs over 500 staff across seven locations in Skelmersdale, Manchester and Birmingham.
Victorian Plumbing announced its proposed admission to trading on AIM and a conditional placing of 4,427,481 new ordinary shares and 109,122,138 existing ordinary shares (the ‘Sale’ shares) at £2.62 per share with institutional and other investors.
On admission, Victorian Plumbing said it 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 £11.6 million for the company, and the placing of the sale shares is expected to raise gross proceeds of £285.9 million for the selling shareholders.
Victorian Plumbing Group founder and CEO Mark Radcliffe currently holds a 72% stake in the company. On admission, this will drop to 46%.
Admission and commencement of dealings on AIM are expected to take place on June 22.
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 Limited are acting as joint global coordinators.