Stelrad valued at £274m as London IPO kicks off
Radiator manufacturer, Stelrad, priced its shares at 215 pence a piece in time for its IPO on the London Stock Exchange this morning.
The updated share price takes the company’s market capitalisation to £274m. Dealings in Stelrad’s ordinary shares have commenced on the main market of the London Stock Exchange under the ticker “SRAD”.
Trevor Harvey, Chief Executive of Stelrad, said “today is a momentous day for Stelrad as we begin our life as a public company and embark on the next stage of our development.
“We have been encouraged by the level of support received from investors who recognise the solid foundations the business is built upon and the platform for growth we have created,” Harvey continued, noting that the company’s focus remains on improving its product offering and building relationships with major distributors and specifiers.
Today’s offer comprises 11,627,907 new Ordinary Shares to be issued by the Company with the intention of raising gross proceeds of £25m and 32,558,130 existing Ordinary Shares to be sold by The Bregal Fund III, the company’s major shareholder, and members of management equating to a total offer size of approximately £95m.
The company expects admission to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings to take place next Wednesday.
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