Victorian Plumbing, the online retailer of bathroom products and accessories, has revealed its market capitalisation upon admission to trading on AIM to be roughly £850m.
The group has confirmed a conditional placing of 4,427,481 new ordinary shares and 109,122,138 existing ordinary shares, at a price of 262 pence per share.
Through the placing of new shares, Victorian Plumbing claimed that it expects to raise £11.6m in gross proceeds.
Moreover, the bathroom retailer’s IPO, set to take place on 22 June 2021, is expected to achieve aggregate gross proceeds of £285.9m for selling shareholders.
Mark Radcliffe, founder and CEO at the company, said that the “overwhelmingly positive reaction” to the London Stock Exchange listing “has been humbling”.
He added: “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.”