(Alliance News) - Shares in Supreme PLC began trading in London on Monday, after the maker of fast-moving consumer goods such as vaping brand 88Vape, raised GBP67.5 million in its float.
Supreme said it issued 5.6 million shares and sold 44.8 million at 134 pence each.
The company said it had a GBP156 million market capitalisation on admission.
Shares in the company were trading at 144p each on Monday morning in London, giving it a market value of around GBP168 million.
"To have received such significant interest from investors is a real endorsement of our business model, the Supreme team, and our strategy. We are delighted to be listing on AIM and look forward to benefitting from the advantages that our listing will bring, as we execute on our exciting growth trajectory with the support of our new investors," Chief Executive Officer Sandy Chadha said.
Berenberg acted as sole global coordinator and broker, with Grant Thornton UK as nominated advisor.
Supreme supplies products across five target categories: batteries, lighting, vaping, sports nutrition & wellness, and branded household consumer goods. In addition to brands it owns, such as 88Vape, Supreme licenses major battery brands Duracell, Energizer and Eveready. Its customers include Fraser Group PLC's Sports Direct, motor supplies chain Halfords Group PLC, and grocers Asda and Iceland.
Supreme recording adjusted earnings before interest, tax, depreciation and amortisation of GBP16.2 million on revenue of GBP92.3 million in the financial year that ended March 31 last year. In the six months to September 30 last year, Ebitda was GBP8.4 million on revenue of GBP56.3 million.
The company has previously said it plans to pay dividends at a rate of 50% of net profit.
Supreme's IPO is part of a flurry of new listing activity in London early in the 2021. These have been headlined by large-size floats by bootmaker Dr Martens and card seller Moonpig.
A busy Monday of IPO activity also saw clean energy investor NextEnergy Renewables Ltd and digital infrastructure assets investor Digital 9 Infrastructure PLC also announce plans to float.
Meanwhile, Auction Technology Group, an online auction marketplaces operator, said it is also mulling a London listing.
Not yet confirmed for London, but potentially 2021's biggest by far, is food delivery firm Deliveroo, which is expected to have a market cap of more than USD7 billion. Deliveroo also is considering a New York listing, according to media reports.
By Eric Cunha; ericcunha@alliancenews.com
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Supreme Plc (SUP)