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Supreme plc, a leading manufacturer, supplier and brand owner of fast-moving consumer products, has announced that its entire share capital was admitted to AIM on 1 February 2021 with a free float of 43.2%, making it the first AIM initial public offering (IPO) of 2021. The decision to go public is one that has been considered by the company for some time and the successful listing follows the company’s announcement in 2018 that it had officially decided to postpone its admission ‘due to market conditions’.
The IPO consisted of a placing comprising an offer to institutional investors of both new and existing shares priced at 134 pence per share and was ‘comfortably oversubscribed’, raising gross proceeds of £67.5 million. The primary selling shareholder was chief executive officer, Sandeep (Sandy) Singh Chadha, who owned 100% of shares before offering just under half, maintaining a 56.76% stake in the company following admission.
International law firm, Bird & Bird, advised Joh. Berenberg Gossler & Co KG, Sole Global Coordinator and Broker and Grant Thornton LLP, Nominated Adviser to Supreme. The team was led by partner Adam Carling (Corporate, London) with support from Freddie Spearman and Sharon O’Donnell (Corporate, London) and regulatory specialists Sally Shorthose (Partner, IP, London) and Pieter Erasmus (IP, London).
Supreme originally announced its intention to float on 23 April 2018, highlighting the strength of its lighting, battery and vaping lines. The transaction was followed up by an announcement on 4 May 2018, that the company had decided to postpone the IPO ‘due to market conditions’, despite having long term distribution relationships with Panasonic since 1993, Duracell since 1994, and Energizer since 1998 as well as an eleven year exclusive licensing relationship with JCB and a seven year relationship with Philips. Nothing further was heard until 27 January 2021 when it published a placing price announcement.
Since the initial plans to list were announced, Supreme has made the best out of the turbulent conditions as a consequence o
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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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