Superyacht maintenance company GYG Plc has made a splash on the London Stock Exchange's junior market, giving it a value of £46.6m.
The company, which paints and finishes luxury yachts, as well as supplying equipment to keep them in ship shape, set sail on the Alternative Investments Market (AIM) this morning with a placing price of 100p.
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At the time of writing, shares were trading at 115p, after hitting a high of 119.5p earlier in the day.
GYG's maiden voyage into the market brought in £6.9m, offering 14.9 per cent of its total share capital.
The company explained that it has a watertight business model, given that superyachts need to be serviced every five years to comply with regulation, and the fact that owners frequently undertake a haul-out annually to make their boats the pride of the fleet. This all means GYG has a regular source of repeat income.
Its brands include Pinmar, Rolling Stock, Techno Craft and ACA Marine, and operations cover the Mediterranean, Northern Europe and the United States.