Convenience and newsagent chain McColl’s has been valued at £200m as it announced the pricing of its initial public offering on the London Stock Exchange.
Its offer of 69m shares have been set at 191p per share and the company expects to raise £132.8m to accelerate its growth strategy. The firm expects a primary component of £49.7m and secondary sales of £83.1m which consists of a partial sell-down by the executives directors of the company, other group employees, Cavendish Square Partners and a full sell-down by the trustee of the employee incentive trust. All shares to be sold in the offer will be sold at the offer price.
Dealings will commence on the London Stock Exchange at 8am today.
James Lancaster, Executive Chairman and Chief Executive Officer of the Company, said: “We are delighted with the strong interest that we have seen from investors in McColl’s. It will enable us to accelerate our growth strategy, further enhancing our position in a rapidly growing convenience market.”
Numis is acting as Sponsor, Financial Adviser and Bookrunner for the listing and Livingstone Partners is acting as Financial Adviser to McColls.