Yu Energy, a gas and electricity company aimed at providing services to SMEs , IPO oversubscribed after it announced its intention to float on the London Stock Exchange last month

 
Hayley Kirton
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The company announced its intention to float on Aim less than a month ago (Source: Getty)

Yu Energy appears to be in hot demand as the energy supplier has found itself oversubscribed for the IPO it announced less than a month ago.

The company, which focuses on providing SMEs with gas and electricity, has today revealed its placing price of 185p per ordinary share after raising £10m.

"We have been delighted with the level of support from institutional investors and look forward to welcoming them as shareholders," said Bobby Kalar, chief executive of Yu Energy.

The energy company expects to start trading on Aim on Thursday, and its market capitalisation at the time of admission is expected to be £26m.

Kalar continued: "I would like to thank all of our employees whose hard work has enabled us to reach this point and the success of this IPO does them all great credit. Together, we look forward to becoming a publicly listed company and creating value for all of our stakeholders."

At the end of last year, the company had already secured £8.4m in contracted annual revenues for its financial year ended December 2016.

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