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Economy

ProCook considers London IPO

It comes after ProCook’s revenue grew by 37% to £53.4m in FY21 (ending 4 April 2021), with adjusted EBITDA growing by 246% to £13.3m in the same period

ProCook has announced it is considering an initial public offering on the main market of the London Stock Exchange.

Should ProCook proceed with the IPO, it said the admission would be to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange.

It said the offer would also include an offer of existing Shares to be sold by existing shareholders and would include an intermediaries offer in the United Kingdom, under which the Shares would be offered to intermediaries that will facilitate the participation of their
retail investor clients.

Immediately following Admission, ProCook said it expects that it would have a free float of at least 25% of its issued share capital and that it would be eligible for inclusion in the FTSE United Kingdom indices.

ProCook’s revenue increased by 37% to £53.4m in FY21 (ending 4 April 2021), with adjusted EBITDA growing by 246% to £13.3m in the same period.

Daniel O’Neill, CEO and founder, said: “Today’s news reflects the incredible progress that ProCook has made in recent years and is testament to the efforts and dedication of all our staff in bringing us to this stage in our story.

“We have achieved a lot but there is more to come, and we are as ambitious as ever about sharing our passion for cooking, by inspiring and exciting customers with our expanding range of kitchenware.”

Greg Hodder, non-executive chairman, added: “ProCook is a brilliant business with strong entrepreneurial foundations and a family-run culture, designing and sourcing beautiful, quality products at great value.

“The IPO will elevate the profile of the business and provide the right structure to take ProCook into its next chapter of growth, so we look forward to the exciting journey ahead.”

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