Victorian Plumbing shares up 20% on AIM debut

Victorian Plumbing Group CEO Mark Radcliffe

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.”