(Alliance News) - Brickability Group PLC, which sells over 300 million bricks a year, started trading on AIM on Thursday after raising GBP57 million in its initial public offering.
The IPO led by Cenkos Securities PLC was priced at 65p a share, giving the construction materials company a market capitalisation of GBP150 million. That gives Brickability the second highest market cap among AIM IPO's in 2019, behind Loungers PLC with a GBP185 million market cap at its IPO price.
Brickability shares were up 4.6% early Thursday at 68p. The 87.3 million new shares sold represent 38% of its enlarged total, and the GBP57 million raised was as set out in its IPO announcement earlier this month.
Brickability has been around for over 25 years, with 25 locations and 225 staff, but Chief Executive Officer Alan Simpson said Thursday: "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."
Brickability joins fellow brick maker Michelmersh Brick Holdings PLC on AIM, while much larger peer Ibstock PLC is a FTSE 250 constituent on the London Main Market.