Shares in the acquisition vehicle Selkirk Group PLC got off to a strong start on their first day of dealing.
Valued at 2.4p each they quickly raced to a 34% premium to trade at 3.225p each. It raised £7.5 million at an initial valuation of £10 million.
Notable investors include Sir Terry Leahy, former CEO of Tesco, who is expected to hold a 10% stake post-IPO. Other backers include Ed Woodward, one-time boss of Manchester United, and Oliver Hemsley, founder of Numis, the min-investment bank.
Iain McDonald, founder of Belerion Capital and former chair of THG PLC (LSE:THG), serves as Selkirk's executive chairman. The board also includes Angus Monro, former Marks & Spencer executive, and Alan Bannatyne, former CEO of Robert Walters PLC (LSE:RWA), as Independent Non-Executive Directors.
Selkirk has set its sights on acquiring undervalued companies, particularly those operating as subsidiaries within larger businesses, aiming to reveal their hidden potential through independent stock market listings.