Shares of Skelmersdale, Lancashire-based Victorian Plumbing Group plc, an online retailer of bathroom products and accessories, rose as much as 20% on Tuesday on the company’s first day as a listed company on AIM.

Victorian Plumbing Group’s fundraising raised gross proceeds of £297.5 million and the group had a stock market valuation on admission of £850 million based on the offer price of £2.62 per share.

The firm’s shares rose about 20% to £3.15 by lunchtime in London.

Victorian Plumbing’s listing raised £11.9 million for the company and £285.9 million for the selling shareholders.

Victorian Plumbing Group CEO Mark Radcliffe sold about £212 million worth of shares, reducing his holding from 72% of the company’s issued share capital to 46%.

His parents and brother Neil are also shareholders, and following the IPO the Radcliffe family will keep majority control with a 58% stake.

Radcliffe said: “Today is a landmark day in the history of Victorian Plumbing.

“The successful completion of our IPO and admission to AIM is an exciting next step on our growth journey.

“I would like to take this opportunity to thank our team for their support over the years.

“They have helped to build an incredibly strong, exciting and trusted brand together with a hard-working and innovative culture.

“We are pleased to welcome such a strong blue chip shareholder base to the register and look forward to working together on this next chapter in the company’s development.”