Volution Group PLS Share News (FAN)

Volution Group, which supplies ventilation products, has received a chilly welcome on its first day of conditional dealing but expects to raise £100m for the company and its partially exiting shareholders.Volution priced its initial public offering (IPO) at 150p per share and quickly fell 2.3% to to 146.5p. The group, which had an initial market capitalisation of £300m, is offering almost 66.67m shares, equal to a 33.3% of the group, to raise gross proceeds of £72m to the company.The remainder of the proceeds will be received by company directors and Windmill Holdings, which is an affiliate of funds managed by New York private equity firm TowerBrook Capital Partners, which will hold a stake worth 61.4% when unconditional dealings begin on June 23rd. The company expects to be eligible for inclusion of the FTSE UK indices. Ronnie George, Chief Executive of Volution Group, said: "We are delighted to have achieved our objective of an IPO and secured the support of investors for the management team and future plans of Volution. "We will continue to focus on our growth strategy, both organically and by acquisition, providing our customers with market leading ventilation products and our investors with long-term value."NR