Online bathroom retailer Victorian Plumbing to secure £850m value via IPO
Victorian Plumbing will float on the alternative investment market (AIM) later this month, in a move expected to give the online retailer of bathroom products and accessories a value of £850m.
The placing of new shares is expected to raise gross proceeds of £11.6m for the company, while the placing of sale shares is expected to raise £285.9m for the selling shareholders.
The IPO is expected to take place on 22 June under the ticker ‘VIC’.
Founder and CEO Mark Radcliffe said: “The overwhelmingly positive reaction to our IPO has been humbling and it is amazing to see the support and excitement around our strategic plans.
“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”.