McColl’s Retail Group will float on the London Stock Exchange with an offer price of 191 pence per share, valuing the company at approximately £200m.
The initial public offering is expected to raise £132.8m, comprising a primary component of £49.7m and secondary sales of £83.1m. Conditional trading began this morning at 8am, with full trading expected to take place on 28 February.
The c-store and CTN group announced its intention to float on the London Stock Exchange at the end of January.
James Lancaster, executive chairman and CEO, said: “We are delighted with the strong interest that we have seen from investors in McColl’s. The success of this initial public offering is a clear endorsement of the quality of the business and its clear prospects for future growth and profitability. It will enable us to accelerate our growth strategy, further enhancing our position in a rapidly growing convenience market.
“We are pleased to welcome our new shareholders to the company and look forward to our next phase of development as a listed company.”