LONDON (Alliance News) - Commercial kitchen equipment services firm Filta Group Holdings PLC joined London's AIM market on Friday and saw its shares rise on its first day of trading.
Filta's main service is FiltaFry, which provides micro-filtration of cooking oil, vacuum-based deep fryer cleaning and fryer management services to commercial kitchens. Its core business operates in the UK and the US, primarily under a franchise model, though its UK arm has both direct sales and franchised operations.
The company also offers a range of other fryer management services, including waste cooking oil collection and removal and new cooking oil supplies, plus moisture absorption panels for refrigeration units.
Filta raised GBP6.2 million in the placing, with its shares issued at 83.00 pence apiece. Of the funds raised, GBP4.3 million are going to the company. Those proceeds will be spent on expanding the firm's regional presence in Canada and Europe, growing its product range, including into drains and grease traps, and for general working capital.
The balance is going to the selling shareholders.
Filta said it will have 27.0 million shares in issue after floating and will have a market capitalisation of GBP22.4 million upon admission.
In early trade on Friday, shares in the firm were up 92.00p, up 11% from the 83.00p float price.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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