Window and door maker Eurocell sees shares surge on stock debut
SHARES in Eurocell traded up yesterday after the window and door maker’s debut on the London Stock Exchange.
The Derbyshire-based firm, spun off by private equity group H2 Equity Partners, priced its shares at 175p, valuing it at £175m. But the company’s shares closed up 6.6 per cent at 186.62p.
“We have been delighted by investor demand through the initial public offer process and now look forward to life as a quoted company,” Patrick Bateman, chief executive of Eurocell, said.
“Eurocell’s listing on the London Stock Exchange delivers a strong platform to build on the considerable success the business has already achieved.”
Eurocell sold about 52.4m of its share capital in the stock market flotation, enabling it to raise around £91.7m. The shares issued represent 52.4 per cent of its existing share capital.
Canaccord Genuity acted as the sponsor and sole bookrunner, Peel Hunt as co-lead manager and Rothschild as financial adviser.
The company recorded sales of £173m and operating profit of £20m in the 12 months to December.
The directors intend to target an annual dividend of close to 40 per cent of profits after tax.
BEHIND THE DEAL
CANACCORD GENUITY | COLIN CHRISTIE
1 Christie is a 20-year banking veteran and currently managing director at Canaccord, heading the industrials team.
2 He previously worked on the Polypipe IPO, as well as the sale of Hamworthy to Wartsila and Converteam to GE.
3 Before joining Canaccord in 2011, Christie was a senior managing director at UBS working in New York and London.
Also advising…
Peel Hunt as co-lead manager with Dan Webster, Jock Maxwell Macdonald and Richard Brown and Rothschild as Financial adviser with Jonathan Finn and Greg Cant.