Victorian Plumbing Group PLC (LON:VIC) has made a strong start to life as a listed company as the shares surged above the initial public offering (IPO) price following their debut on the AIM market.
The plumbing and bathroom products retailer’s float followed the conclusion of what it said was a significantly oversubscribed IPO fundraising last Thursday, in which it placed around 4.4mln new shares and 109.1mln existing shares at a price of 262p each, raising a total of £297.5mln.
READ: Victorian Plumbing’s IPO to take founder from shed to shed-loads of cash
The momentum continued in early trading on Tuesday, with the company’s shares changing hands at around 307p, a 17.2% premium to its IPO price.
"Today is a landmark day in the history of Victorian Plumbing. The successful completion of our IPO and admission to AIM is an exciting next step on our growth journey”, Victorian Plumbing founder and chief executive Mark Radcliffe said in a statement.
“I would like to take this opportunity to thank our team for their support over the years. They have helped to build an incredibly strong, exciting and trusted brand together with a hard-working and innovative culture. We are pleased to welcome such a strong blue chip shareholder base to the register and look forward to working together on this next chapter in the Company's development", he added.
The IPO fundraising gave the company a market valuation of around £850mln, however the rise in the share price means this could reach as high as £1bn.