BUILDING services firm Bilby is planning to raise over £6m ahead of a float on Aim later this month.
Bilby, which specialises in acquisitions in the gas heating and general building services markets, is seeking to raise £2m through the issue of new shares, while founder shareholders are seeking to place up to a further £4.5m of existing shares.
The proceeds of the placing are to be used in providing working capital for the group “through a phase of expected rapid growth” and for further investment in systems, controls and processes.
Dealings are expected to commence on the junior market on 17 February. Bilby’s acquisition of contractor P&R Installation will complete ahead of the company’s launch on Aim.
Phil Copolo, executive deputy chairman of Bilby and founder of P&R, said: “Admission to Aim will position Bilby to exploit a fast-expanding market that is driven by strict government regulations. Furthermore, the admission will enable Bilby to grow through a focused buy and build strategy that will help deliver new significant new growth opportunities for the group.”