LONDON (Alliance News) - Clothing and homewares retailer Joules Group PLC on Thursday began trading on AIM, while toilet paper and tissue manufacturer Accrol Group Holdings PLC announced its intention to float on AIM as well.
Earlier this week, Joules raised GBP77.5 million in its initial public offering through the sale of 41.3 million existing shares and 7.2 million new shares at 160.00 pence each. Its market capitalisation is GBP140 million at the IPO price.
Shares in Joules were trading at 193.85p on Thursday morning, 21% about the IPO price.
Meanwhile, Accrol said it intends to initiate a fundraising with the expectation of share dealings to commence on June 10, but did not provide any IPO details.
Zeus Capital Ltd is acting as nominated adviser and sole broker to the company, and the proceeds of the IPO will be used to refinance the business and provide a platform for further growth, Accrol said.
Accrol imports industrial-sized paper reels and converts them into toilet, kitchen, facial and other tissue products at the company's manufacturing facility in Lancashire. It manufactures around 16 million units per week which it supplies to "some of the UK's largest retailers".
Accrol has a 35% market share of the discount market and 7% market share of the overall UK tissue market.
"We are delighted by the level of interest and support we have received from high quality institutional investors. We are a very well invested company with an attractive and progressive dividend policy, and we look forward to creating value for all of our shareholders in this new and exciting stage in Accrol's development," Accrol Chairman Peter Cheung said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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