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(Sharecast News) - Shares of British building trade supplier Brickability were admitted to trading on London's Alternative Investment Market on Thursday after it raised £57m in its initial public offering.
Brickability's successful IPO, led by Cenkos Securities, saw the group issue 87.27m new ordinary shares of 65p each, giving the company a market capitalisation of £150m - the second highest market cap among AIM IPOs so far this year.
The firm's newly issued shares represent 37.9% of its entire issued share capital.
Chief executive Alan Simpson said: "We are very pleased with the level of interest generated from new institutional investors in support of our admission to trading on AIM.
"The move to AIM and the additional funding will allow us to continue our growth trajectory through further organic growth and through accretive bolt-on acquisitions."
As of 0930 BST, Brickability shares were up 4.6% at 68p.
Today 11:50
IN BRIEF: Brickability revenue and profit seen down 13% on weak demand
Brickability Group PLC - Bridgend, Wales-based construction materials distributor - Revenue for the financial year that ended March 31 is estimated to be GBP594 million, down 13% from GBP681 million in financial 2023, or down 18% on a like-for-like basis. This is after trading in the fourth quarter is in line with management expectations of lower demand for bricks and other building products. Adjusted earnings before interest, tax, depreciation and amortisation is estimated to be at least GBP44.8 million, in line with previous company guidance, but down 13% from GBP51.5 million the year before.
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