Eddie Stobart launches on stock market
Eddie Stobart Logistics (ESL) was admitted to trading on the AIM market of London Stock Exchange at 8am on Tuesday 25th April.
The company’s shares, as of writing, are trading at 160p. The logistics and supply chain company said that this is the biggest flotation on AIM so far this year. Last week the business revealed its plans to buy iForce with the proceeds of its flotation. The purchase is set to increase the business’ e-commerce capabilities with £37 million in cash and £8 million in shares.
According to the company the shares were offered at 160p a share by Cenkos Securities (Nomad and sole broker). The business was valued at £572.7m on admission.
“The completion of the IPO process is a key milestone for Eddie Stobart,” said Alex Laffey, chief executive officer of Eddie Stobart. “We have received strong interest from investors and we are excited to begin this new period as an independent company with the appropriate capital structure to take advantage of growth opportunities in the supply chain and logistics market.
“We welcome our new shareholders and look forward with confidence to the next phase of our development as a listed company.”
