On the Beach gets its day in the sun with successful float onto stock exchange at 184p offer price

 
Caitlin Morrison
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On the Beach, founded in 2003, was originally operated through Teletext Holidays
ONLINE budget holiday firm On the Beach Group floated on the London Stock Exchange yesterday, at a price of 184p per share.

The company’s shares closed at 205p.

On the Beach boss Simon Cooper said yesterday: “The IPO of On the Beach marks an exciting milestone in the company’s development and will support us in our ambition to become Europe’s leading online retailer of beach holidays.

“We welcome our new shareholders and, with their support, look forward to delivering the next chapter of our growth story.”

The offer price gives the company a market capitalisation of around £240m.

The firm was aiming to raise £90.2m of net proceeds, of which £6.4m was for the company and £38.3m for selling shareholders, which included private equity firm Inflexion, the group’s directors and members of the senior management team.

Inflexion will continue to hold 37.1 per cent of the company’s issued share capital, while directors and management will hold 21.7 per cent.

Cooper founded On the Beach in 2003, from a terraced house in Macclesfield. Inflexion bought a majority stake in 2013.