// Victorian Plumbing to float on the AIM market on June 22
// The placing of new shares is expected to raise gross proceeds of £11.6m
// The company said it will use the placing to take the business to “next stage of its development”
Victorian Plumbing is set to float on the AIM market later this month, in a move expected to give the bathroom retailer a value of £850 million.
The placing of new shares is expected to raise gross proceeds of £11.6 million for the company, while the placing of sale shares is expected to raise £285.9 million for the selling shareholders.
The IPO is expected to take place on June 22 under the ticker ‘VIC’.
“The overwhelmingly positive reaction to our IPO has been humbling and it is amazing to see the support and excitement around our strategic plans,” founder and chief executive Mark Radcliffe said.
“We’re thrilled to have reached this milestone. It is a testament to the dedication of our fantastic employees who have helped build this unique and trusted brand and industry leading proposition.”
Victorian Plumbing said the placing had attracted strong support from institutional investors and was “significantly” oversubscribed.
The primary proceeds of the placing will be predominantly used to satisfy the direct costs of the IPO process.
The company said it will use the placing to take the business to “the next stage of its development”.