(Alliance News) - Marley Group Ltd on Thursday said it was considering an initial public offering on the Main Market of the London Stock Exchange.
Marley is a manufacturer and supply of pitched roof systems to the construction market through three main channel partners, comprising builders' merchants, roofing merchants and roofing contractors.
The company is targeting a free float of at least 25% of its issued share capital immediately following admission and expects it would be eligible for inclusion in the FTSE UK indices post-admission.
Marley said it has engaged Jefferies International Ltd and Peel Hunt LLP as joint sponsors, joint global co-ordinators and joint bookrunners and Panmure Gordon Ltd as joint bookrunner in the event that the offer proceeds.
Chair Paul Lester commented: "Marley is a premium building materials brand and a sector leader in roofing thanks to its reputation for quality and service amongst its customer base and a near 100-year heritage. The Group's differentiated proposition is underpinned by significant market demand thanks to the UK's rapidly ageing housing stock. The structural undersupply of new homes, which is high on the political agenda and supported by multiple government policies, is also a key demand driver and one that plays extremely well to Marley's long track record of innovation and sustainability.
"Led by a highly experienced management team, the group has delivered a resilient financial performance throughout the economic cycle, resulting in industry leading margins and high cash generation. This, coupled with a clear strategy for growth through further innovation, acquisitions and brand extension, means that the Group is well placed to build on its strong momentum to date."
No details pertaining to its IPO price or expected market capitalisation were disclosed.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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