ProCook confirms intention to proceed with IPO
Kitchenware brand ProCook has confirmed its intention to proceed with an initial public offering.
The business confirmed it would make its debut on the London Stock Exchange and list on the premium listing segment of the official list of the FCA.
The offer will comprise an offer of existing shares to be sold by existing shareholders.
It will be targeted to certain institutional investors in the UK and to investors located elsewhere outside of the US. A limited number of “qualified institutional buyers” in the US will be targeted.
The business said it expected admission to take place in November.
ProCook will target a free float of at least 25 per cent of the Company’s issued share capital and to be eligible for inclusion in the FTSE United Kingdom indices, following admission.
ProCook said its directors and existing shareholders are expected to agree to customary lock-up arrangements restricting the disposal of shares for a period of time following admission.
The firm sells kitchen supplies through its e-commerce platform and 50 physical stores in the UK.
Revenue soared 37 per cent to stand at £53.4m in the latest financial year while EBITDA swelled by 246 per cent to £13.3m.