Logistics company Eddie Stobart is set to make its way on to the London Stock Exchange this week, in what will be the junior market’s biggest float of the year to date.
Eddie Stobart, known for its signature fleet of lorries, is expected to have a market capitalisation of £572.7m when it lists on the Alternative Investment Market (Aim) on Tuesday.
The firm, which announced its intention to float last month, has raised £122m.
After the IPO, Neil Woodford’s Woodford Asset Management will be the firm’s single largest shareholder, with a stake of 19.9 per cent.
Axa will hold seven per cent, Invesco 5.1 per cent and Schroders 3.8 per cent. Meanwhile, previous owners Dbay and Stobart Group will own less than 30 per cent of the company after the float.
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Eddie Stobart, founded in 1970, is headquartered in Warrington and has around 5,500 employees, 2,200 vehicles, 3,800 trailers and 24 distribution throughout the UK and Europe.
On announcing the float in March, Eddie Stobart chief executive Alex Laffey said:
We have transformed the business over the last three years and made significant investment in our customised technology and systems alongside developing our management and workforce to support growth in new business sectors.