Strike: Bowling company Ten Entertainment Group to float on the London Stock Exchange, following Hollywood Bowl's IPO in 2016

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The company will float on the main market with a share price of 165p

The UK’s second largest 10-pin bowling operator is to float on the London Stock Exchange tomorrow.

Ten Entertainment Group, which operates 40 Tenpin centres across the UK, will list on the main market with a price of 165p, giving it a market capitalisation of £107.25m.

Ten Entertainment’s initial public offering (IPO) follows the flotation of the UK’s largest operator, Hollywood Bowl, last year.

Read more: Hollywood Bowl float set to kick off strong period for London IPO market

Hollywood Bowl’s share price on admission was less than Ten Entertainment’s, at 160p, though this gave the company a larger market capitalisation of £240m. Hollywood’s share price closed yesterday at 164p.

The company, which is floating 25 per cent of its shares to raise £26.8m, is being advised by Numis on the deal.

After the listing, private equity investor Harwood Capital Management will own around 69.4 per cent of the group’s shares, while the directors will hold 5.6 per cent.

Chairman Nick Basing said:

Today represents a springboard for the company to take advantage of the opportunities ahead. I would like to welcome our new shareholders who recognise our leading and differentiated proposition and the strength of our business model.

Read more: Brewdog is planning an IPO in the next 5 years

Chief executive Alan Hand said:

Our family focused offering provides great value entertainment in great locations, delivered with exceptional customer service.

TEG’s experienced management and highly cash generative operating model together with a clearly defined growth strategy will enable us to deliver sustainable and growing returns for shareholders.

We look forward to the future with real confidence.