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LONDON (Alliance News) - Shares in brick maker Forterra PLC started unconditional trading in London on Tuesday and were trading below their float price.
The company started conditional dealings on London's Main Market on Thursday, having priced its float at 180.00 pence per share, giving it a market capitalisation of GBP360 million. Shares in the company were trading at 177.94p on Tuesday.
Forterra makes clay and concrete bricks for the UK residential new build and repair, maintenance and improvement markets.
The company is the former UK building products arm of Hanson, the building products group now owned by Germany's HeidelbergCement AG. HeidelbergCement sold the Hanson building products arm to US private equity firm Lone Star in 2014.
In size, Forterra slots in between Ibstock PLC, market cap GBP790 million, and Michelmersh Brick Holdings PLC, market cap GBP66 million, among London-listed brick makers.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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