Marley Group has confirmed its intentions to float on the Main Market of the London Stock Exchange with plans to support its growth and repay existing debt.
The news comes after the company announced it was considering an initial public offering (IPO) on 16 September. Now, Marley announced today [23 September] that it intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange.
Immediately following Admission, Marley is targeting a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. It is expected that an over-allotment option of 15% of the total offer size will be made available by certain existing shareholders.
The Offer will comprise new Shares to be issued by the Company (expected to raise gross proceeds of approximately £75 million) and existing Shares expected to be sold by certain existing shareholders. The Offer will be targeted at certain institutional investors in the UK and elsewhere outside the USA.
The final offer price in respect of the Offer will be determined following a book-building process, with Admission currently expected to occur in October 2021.
Commenting on the move, David Speakman, chief executive of Marley, said: “We are delighted by the significant interest shown by potential investors in Marley, which provides us with the confidence to progress with our proposed IPO.
“Our business benefits from key market drivers, namely a resilient and growing RMI market, a strong focus on significantly increasing the supply of new homes in the UK and an ageing housing stock, much of which now requires re-roofing.
“These positive dynamics are combined with the growth opportunity we see for our expanding solar business, which is very well placed to capitalise on the ever-increasing focus on building greener homes.”
