Last checked at 
(Alliance News) - Food wholesaler Kitwave Group PLC on Monday said its initial public offering on London's AIM junior market raised GBP81.6 million for the company and existing shareholders.
Kitwave, which delivers frozen and chilled goods, such as ice creams, sweets and branded drinks, was valued at GBP105.0 million on admission.
For company use, Kitwave raised GBP64.0 million through the placing of 42.7 million new shares at 150 pence each. Proceeds will go towards paying debt. In addition, existing shareholders sold shares worth GBP17.6 million.
The stock was trading at 154.00p in London on Monday morning, up 2.7% from its IPO price and valuing the company at GBP107.8 million.
"We are delighted to announce Kitwave's successful admission to AIM. It represents an important milestone for the group and supports our strategy to capitalise on future growth opportunities within the highly fragmented UK grocery and foodservice wholesale market," Chief Executive Officer Paul Young said.
"With the considerable experience across our board and senior management team, we strongly believe that we are well-placed to generate shareholder value."
Canaccord Genuity Ltd acted as nomad, sole bookrunner and sole broker in the IPO.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
