Eddie Stobart Logistics lists on AIM with a £572m valuation

 
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The listing drives the company's valuation to £572.7m (Source: Getty)

Trucking giant Eddie Stobart Logistics listed on the London Stock Exchange’s Alternative Investments Market (AIM) this morning, marking the biggest flotation on AIM so far this year.

Shares were offered at 160p, giving the company a value of £572.7m.

It was confirmed today that fund manager Neil Woodford is now the largest single shareholder following the IPO, having invested roughly £155m in a 19.9 per cent stake.

As part of the IPO, Eddie Stobart has bought up multichannel logistics specialist iForce for £37m in cash and £8m in shares, in a bid to strengthen the company’s ecommerce capabilities.

Other new investors include Axa Investment Managers, Invesco, and Schroders. The Stobart Group itself and co-owner DBAY have sold down to reduce their combined stake in the company from 100 per cent to 30 per cent.

Chief executive Alex Laffey said: “We have received strong interest from investors and we are excited to begin this new period as an independent company with the appropriate capital structure to take advantage of growth opportunities in the supply chain and logistics market.”

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