Luceco lights up the IPO market

luceco-lights-up-the-ipo-market

LED lighting manufacturer Luceco plc will list on the main market of the London Stock Exchange on Thursday after concluding positive talks with potential investors.

The London-based firm has successfully priced its initial public offering (IPO) of 71.6mln shares at 130p per share, giving the company a market cap of just under £210mln. Luceco said it expects to raise £26mln from the listing, while EPIC Investments – which undertook a management buyout of the company over a decade ago for £4.3mln – will receive at least £50mln.

Chief executive John Hornby said:

“We believe that listing on the London Stock Exchange will help boost the group’s profile, whilst also giving us the financial and operational flexibility to maintain our strong growth rate and pursue our development strategy to create further value for investors.”

On admission, EPIC investments will hold a shade over 24% of the entire share capital, CEO Hornby will own 20.8%, chairman Giles Brand will hold 5.5%, with other members of Luceco management having a combined 4.9% stake.The money generated from the flotation will be put towards decreasing the firm’s debts.

About the Author

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Stefan Kachakov
My name is Stefan Kachakov and I’m working as content writer at Business News Feeds. I'm writing for business news, finance statements and business management for North, Central and South Americas and Europe.

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