ProCook sets IPO price range up to £200m
UK kitchenware brand ProCook has today set a price range for its planned IPO which gives the retailer an estimated market capitalisation up to £200m.
The company announced a price range for shares between 137p to 185p, making its estimated market capitalisation between £150m and £200m.
ProCook said 40 per cent of the company’s issued share capital would be included in the offer.
Last month the business, which sells kitchen supplies through its website and 50 retail stores across the UK, confirmed it would make its debut on the London Stock Exchange and list on the premium listing segment of the official list of the FCA.
It will be targeted to certain institutional investors in the UK and to investors located elsewhere outside of the US. A limited number of “qualified institutional buyers” in the US will be targeted.
The business said it expected admission to take place this month.
Directors at ProCook said, in a statement, that the offer would aid the Group’s expansion plans and “create a liquid market” in the shares for both current and future shareholders.
ProCook will target a free float of at least 25 per cent of the Company’s issued share capital and to be eligible for inclusion in the FTSE United Kingdom indices, following admission.
Further details of the offer will be published by ProCook later today.