April 15, 2014
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.”