Shares in Eurocell traded up today after the window and door maker's debut onto the London Stock Exchange.
The Derbyshire-based firm, spun off by private equity group H2 Equity Partners, priced its shares at 175p, valuing it at £175m. But the company's shares were about 5.7 per cent higher in late afternoon trading, at 185p.
"We have been delighted by investor demand through the initial public offer process and now look forward to life as a quoted company," Patrick Bateman, chief executive of Eurocell, said.
"Eurocell's listing on the London Stock Exchange delivers a strong platform to build on the considerable success the business has already achieved."
Eurocell sold about 52.4m of its share capital in the stock market flotation enabling it to raise around £91.7m. The shares issued represent 52.4 per cent of its existing share capital.
Canaccord Genuity acted as the sponsor and sole bookrunner, Peel Hunt as Co-lead manager and Rothschild as Financial adviser.
The company recorded sales of £173m and operating profit of £20m in the 12 months to December.
The directors initially intend to target the declaration of a total annual dividend of close to 40 per cent of the company's annual reported profits after tax and thereafter to target a progressive dividend.