Hollywood Bowl Group aims for a strike as it announces IPO price
Hollywood Bowl Group announced an IPO price of 160p per share, which would give it a market capitalisation of £240m.
The company said today that it has placed 113,283,274 shares in an offer which is expected to raise £181.3m. Dealing is expected to start on 21 September, it added.
City A.M. revealed yesterday that the group was gearing up to price its initial public offering (IPO) on the London Stock Exchange.
It comes as a number of firms have announced plans to float on the London Stock Exchange this week — including Pure Gym, Go Compare and Biffa.
The company, which is the UK’s largest ten-pin bowling operator with more than 50 centres across the UK, is currently owned by private equity group Electra Partners.
It was initially formed over five years ago when Mitchells & Butlers sold its 24 Hollywood Bowl locations to rival operator AMF for £27m. Electra snapped up the group, which was then known as The Original Bowling Company, in 2014 for £91m.
Hollywood Bowl acquired rival bowling chain, Bowlplex, last year. The deal raised eyebrows at the Competition and Markets Authority (CMA), prompting the group to offload five of the 16 venues.