You are here

Trucking business Eddie Stobart seeks listing on London's AIM

5_42013551 - LONDON-HOUSE.jpg
Eddie Stobart, known for its fleet of green and red lorries, is seeking to raise about £130 million (S$227.2 million) through a listing on London's junior market, its investors' holding company said on Thursday.

[LONDON] Eddie Stobart, known for its fleet of green and red lorries, is seeking to raise about £130 million (S$227.2 million) through a listing on London's junior market, its investors' holding company said on Thursday.

The money raised from the initial public offering will allow Eddie Stobart to pursue both organic and acquisition-led growth in a highly fragmented market that is flourishing on the back of the booming European e-commerce sector, holding company Greenwhitestar UK said.

Eddie Stobart is targeting a market capitalisation in excess of £550 million and expects its shares to start trading on the Alternative Investment Market (AIM) in April.

The listing comes a little more than three years after the trucking and distribution business was taken private with Stobart Group's sale of 51 per cent of the company for £239.7 million to a group then led by William Stobart, son of the parent company's founder Eddie Stobart.

sentifi.com

Market voices on:

The group was backed by asset management firm DBAY Advisors.

The AIM listing will also allow Greenwhitestar UK - which is 51 per cent owned by funds advised by DBAY Advisors and its co-investors and 49 per cent by the Stobart Group - to reduce its stake in Edddie Stobart to no more than 30 per cent.

Cenkos Securities is acting as broker to the company.

REUTERS

Powered by GET.comGetCom