Radiator manufacturer Stelrad made its initial public offering, at 215 pence per Ordinary Share and dealings commenced on Friday November 5th.
Based on this Offer Price, the Company’s total market capitalisation at the start of conditional dealings on the main market of the London Stock Exchange was approximately £274 million.
Trevor Harvey, Chief Executive of Stelrad, described the day as “a momentous day for Stelrad as we begin our life as a public company and embark on the next stage of our development.”
He added: “I’d like to extend my sincere thanks to everyone who has helped us get to this point, most notably our invaluable and hard-working employees. 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. Our focus remains on exploiting the breadth of organic and inorganic growth opportunities on offer, continuing to focus on further improving our extensive product offering and the strong relationships we have with major distributors and specifiers. Alongside this, we are also excited by the supportive market backdrop and the important role we can play as the world decarbonises.”
The Offer comprised 11,627,907 new Ordinary Shares to be issued by the Company (raising gross proceeds of £25 million) and 32,558,130 existing Ordinary Shares to be sold by The Bregal Fund III L.P. (the “Major Shareholder”) and certain members of management of the Company equating to a total offer size of approximately £95 million.