Online materials retailer CMO valued at £95m in London AIM listing
Online-only building materials firm CMO has bagged a sturdy valuation of £95m ahead of its London AIM listing, the company confirmed this morning.
CMO said it is trying to rally around £45m in a share placement for 132p per share on London’s junior AIM market.
Last week, the online retailer announced its intention to list on London’s junior market, mirroring movements from fellow home improvement retailer Victoria Plumbing, which listed on AIM in the junior market’s largest-ever float earlier last week.
The company’s shares will land on the market on 8 July, under the ticker CMO.
The funds raised will be used to attract and retain key employees, cut debt and bolster its long-term funding model.
“Today marks a significant landmark in CMO’s corporate journey and will provide the company with the platform to continue to deliver our growth ambition,” CEO Dean Murray said.
The company seeks to capitalise on the pandemic-induced shift to online and will use the funds to increase its market share, CMO’s boss added.
It comes four years after private equity group Key Capital Partners invested £8.65m in 2017. The firm has a 26.8 per cent stake, which will be worth around £25.5m following the listing.
The listing follows similar flotation announcements this week from make-up and skincare group Revolution Beauty and private equity group Bridgepoint.