CMOgroup.com has enjoyed a successful start to life as a publicly traded company after listing on the AIM market of the London Stock Exchange on 8 July, 2021.
Previously known within the merchant sector as CMOstores.com, the company’s share price has leapt to over 160p, more than a 20% premium to the 132p placing price during the few days since trading began (Initial £95 million market capitalisation).
CMO raised £45 million in a placing of which £27 million will be used to further develop and disrupt the traditional, predominantly offline, builders’ merchant market where online penetration is currently only 4% of a £27 billion market.
Commenting on the success of the company’s listing, Dean Murray, chief executive of the company, said: “This has been a landmark moment in the history of CMO. The business has grown rapidly, taking advantage of its innovative and differentiated model, providing a generation of internet-savvy customers with the broadest range of products at highly competitive prices, delivered when and where they need them.”
CMO plans to use the proceeds from its placing to support long-term funding, strategic opportunities, as well as further mergers and acquisitions as part of its long-term growth ambitions.
>> Check out what else CMO is doing here.
