Polypipe shares rise on opening day of IPO

PRW

Published: April 15, 2014 11:06 am ET
Updated: April 15, 2014 11:09 am ET

Related to this story

Topics Mergers & Acquisitions, Construction, Pipe/Profile/Tubing

Polypipe Group plc saw its share prices rise during its first day of public trading on the London Stock Exchange, rising from 245 pence ($4.10) to 250 pence ($4.18.)

The Doncaster-based pipe maker said in March that it would go public on the London exchange, and in its initial offering listed its value at 490 million pounds ($820 million). The initial public offering was April 11.

Private equity firm Cavendish Square Partners still hold 23 percent of the ordinary shares, with directors and senior management holding a total of 9.8 percent of the stock.

As the shares went 'live' David Hall, Polypipe’s chief executive, said he was “delighted with the strong interest” shown by investors.

“The success of this IPO demonstrates the appetite from investors to take advantage of this rare opportunity to invest in a U.K. manufacturing company at a time when we are seeing growth in the U.K. construction sector, as well as the chance to share in the benefits of the investments we have made in the company over the last few years.

“We look forward to the next phase of our development and growth as a listed company.”


Comments

Polypipe shares rise on opening day of IPO

PRW

Published: April 15, 2014 11:06 am ET
Updated: April 15, 2014 11:09 am ET

Post Your Comments


Back to story


More stories

Image

Pressure is on to replace aging gas pipes

July 30, 2014 2:47 pm ET

Polyethylene is the plastic replacement material of choice for modernizing the natural gas distribution system — so much so some are concerned...    More

Image

Vinyl siding's lead slips, but industry pushing back

July 29, 2014 2:04 pm ET

Vinyl siding continues to be the top cladding choice for home builders and remodelers but fiber cement is gaining ground — at an alarming rate...    More

Unipex Group buys Ferguson Chemical Innovation

July 29, 2014 1:57 pm ET

Chemical distributor Unipex Group Inc. announced July 29 that it had purchased Ferguson Chemical Innovation, a Brampton, Ontario-based supplier of...    More

Image

Universal Polymer beefing up capabilities through acquisition

July 29, 2014 12:04 pm ET

Universal Polymer & Rubber Ltd. is growing again and adding to its capabilities, this time via another acquisition and a plant expansion.    More

Image

Reynolds considering sale of Closure Systems International unit

July 29, 2014 10:32 am ET

Packaging giant Reynolds Group Holdings Ltd. has put its closures business under review.    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events