Kitchenware brand ProCook has announced a price for its initial public offer (IPO) that implies a market capitalisation of the company of around £158m, as it proceeds with a float on the London Stock Exchange.
The Gloucestershire-based company has said its IPO has been priced at 145p per share, as conditional dealings on the main market commenced on Wednesday (November 10).
The price is at the bottom end of a range previously announced on November 1 of 137p to 185p per share.
ProCook said the offer would comprise the sale of 27,400,000 shares by its existing shareholders, equating to a total offer size of approximately £39.7m - approximately 25% of the company's issued share capital.
Admission and trading of the shares on the main market and the start of unconditional dealings, is expected to take place on Friday (November 12).
The company said it was expected that, subject to admission and other conditions being met, it would be considered eligible for inclusion on the FTSE index.
The family-run retailer’s founder and chief executive Daniel O’Neill said: “We have been thrilled with the level of interest and support from a range of institutional and retail investors.
“I am really proud of how far we have come as a business, and today’s announcement is another key step on our growth journey.
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“ProCook has a unique, direct-to-consumer proposition, a clear strategy for growth and a dedicated team of wonderful staff with a real passion for cooking - all the key ingredients needed to enable us to continue to grow and develop our ambitions.
“I’m excited for our future and look forward to this next chapter.”
ProCook first announced its intention to float in October after its revenue grew to more than £50m this year.
Mr O’Neill previously told BusinessLive the listing would “elevate” brand awareness to compete with other cookware brands such as Le Creuset, Tefal, Denby and allow it to recruit and retain high quality talent.
The company sells its cooking and dining products directly to its customers through its website.
It also operates a portfolio of more than 50 stores across the 海角视频, including a recent opening at The Mall at Cribbs Causeway in Bristol, which it plans to expand to around 70.
ProCook is being advised by investment bank Peel Hunt during the listing process.
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