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On 5 December, The Pebble Group PLC (Pebble), provider of products, services and technology to the global promotional products industry, announced that its shares had been admitted to AIM.
The company had announced its intention to float on AIM and a proposed placing conducted via a bookbuild on 18 November. Following this announcement, Pebble announced the successful pricing of its IPO and further details of its conditional placing of a combination of new ordinary shares and existing ordinary shares, at £1.05 per placing share. Based on the issue price the market capitalisation is expected to be £176 million, with institutional investors expected to raise gross proceeds of approximately £135 million, and selling shareholders receiving gross proceeds of £56 million.
The majority shareholder Elysian Capital has agreed to retain 14% of Pebble’s issued share capital and would not dispose of their interests for a period of six months following admission. Pebble’s management will retain 9% of the issued share capital.
In the announcement on the company’s successful pricing, Christopher Lee, Chief Executive Officer of Pebble, said: ‘I am very pleased to announce a successful conclusion to our IPO and plans to join AIM. The fundraising is well supported by a broad range of significant investors, including a number of blue-chip institutions.’
Pebble is the ninth company to be admitted to trading on AIM this year. With the general election set for 12 December, we are unlikely to see many more listings before the end of the month, meaning 2019 looks set to be the quietest year for IPOs on the junior market since its launch in 1995.
Market Tracker will review ECM activity in 2019 in its annual ECM trend report, to be released during Q1 2020. For more detail on The Pebble Group plc and other IPOs, please see our Market Tracker transaction database.
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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