- 25 April 2017
- Transport / Logistics Services
As part of its plans to raise capital to increase its e-commerce footprint, supply chain and logistics company Eddie Stobart was admitted to trading on the AIM stock market of the London Stock Exchange at 0800 on Tuesday the 25th April.
At the time of writing Eddie Stobart (ESL) shares are trading at 160.5p. According to the company this is the biggest flotation on the UK’s AIM so far this year.
Apex Insight reported last week that one of the intentions of the Eddie Stobart flotation was to raise capital to buy the e-commerce logistics company iForce with the proceeds. The purchase is planned to improve Eddie Stobart’s e-commerce capabilities with £37 million in cash as well as £8 million in shares.
According to the company the shares were offered at 160p a share by Cenkos Securities (Nomad and sole broker). The business was valued at £572.7m on admission.
“The completion of the IPO process is a key milestone for Eddie Stobart,” said Alex Laffey, chief executive officer of Eddie Stobart. “We have received strong interest from investors and we are excited to begin this new period as an independent company with the appropriate capital structure to take advantage of growth opportunities in the supply chain and logistics market.
“We welcome our new shareholders and look forward with confidence to the next phase of our development as a listed company.”
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