Online bathroom retailer Victorian Plumbing has said its IPO to the Alternative Investment Market is set to be the largest ever.
The Merseyside-headquartered firm announced plans to float on the London Stock Exchange's AIM market earlier this month, and today announced the conditional placing of 4,427,481 new ordinary shares and 109,122,138 existing ordinary shares at a price of 262p each.
The placing is hoped to raise gross proceeds of £11.6m for the firm, giving it a market capitalisation on admission of £850m.
On admission, the firm said it will have 324,427,481 ordinary shares in issue and a free float of approximately 35%.
Mark Radcliffe, founder and CEO, said:“ The overwhelmingly positive reaction to our IPO has been humbling and it is amazing to see the support and excitement around our strategic plans.
“We’re thrilled to have reached this milestone. It is a testament to the dedication of our fantastic employees who have helped build this unique and trusted brand and industry leading proposition.
“It is a great pleasure to welcome our new shareholders to the business, and we are excited for the next chapter of growth together as a public company.”
The firm added that the placement attracted "strong support" from high quality institutional investors and was "significantly over-subscribed".
Admission and commencement of dealings on the AIM are expected to take place at 8am on June 22 under the ticker “VIC”.
