Clipper Logistics has raised almost £50m through its Initial Public Offering on the London Stock Exchange.
The price of its shares for the IPO was set at 100 pence. This gives a market capitalisation of £100 million. Some 49,900,000 ordinary shares have been sold in the IPO raising £49.9m.
Conditional trading started on 30th May, with unconditional dealing due on 4th June.
Following the IPO, chairman Steve Parkin, will control 34.8 per cent of the ordinary shares, and the remaining executive directors will hold in total 10.6 per cent.
Parkin said: “I am delighted with the success of the offering and the strong response from investors demonstrating their support of the company’s ambitious growth plans. This is a major milestone in the company’s development and I look forward to the next phase as a publicly listed company with great confidence.”
Clipper’s sales for the year to 30th April 2013 were £160.7 million, and it produced an adjusted EBIT of £8.7 million. It estimates that adjusted EBIT for the year to 30th April 2014 will reach £9.6m, underpinned by significant progress being made in e-fulfilment logistics, which delivered adjusted EBIT growth of 43.8 per cent in the 8 month period to 31 December 2013.