Parsley Box has raised £17m through an initial public offering (IPO), which will value the ready meal delivery firm at £84m.
The Edinburgh-based company, which targets the “baby boomer” generation, this morning announced its proposed admission to trading on London Stock Exchange’s AIM market.
It raised gross proceeds of around £17m – comprising £5m for the company and £12m for selling shareholders – following the placement of 2.5m new ordinary shares and 6m existing ordinary shares at 200p per share.
Based on the placing price, the Parsley Box’s market capitalisation on admission will be £83.8m.
The company will use the proceeds of the IPO to accelerate its growth plans through investment in marketing in a bid to become a “household name”.
Kevin Dorren, chief executive of Parsley Box, said: “The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth. I am looking forward to leading the business through this exciting new chapter.
“The strong demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us.
“I’m pleased to welcome our new shareholders on board.”