McColl's stock market flotation expected to raise £132 million
Newsagent and convenience store operator McColls Retail Group has floated on the London Stock Exchange with a start price of 191p per share.
McColls, which announced plans to float last month, said the offer of 69 million shares is expected to raise approximately £132.8 million for the business. This sum will comprise of a primary component of £49.7 million and secondary sales of £83.1 million.
Secondary sales will consist of a partial sell-down by the executive directors of the company, other group employees, Cavendish Square Partners and a full sell-down by the trustee of the employee incentive trust.
James Lancaster, McColl’s executive chairman and chief executive, said: "We are delighted with the strong interest that we have seen from investors in McColl’s. The success of this initial public offering is a clear endorsement of the quality of the business and its clear prospects for future growth and profitability. It will enable us to accelerate our growth strategy, further enhancing our position in a rapidly growing convenience market.”
McColl's is one of a number of retailers to announce plans to float on the stock exchange this year. These include Pets at Home, Poundland and AO.com as well as Russian supermarket chain Lenta.
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