£100m Placing and Main Market IPO at £200m for Motorpoint Group plc
Shore Capital acted as Co-Bookrunner for the Placing and Main Market IPO for Motorpoint Group plc.
Motorpoint, the largest independent vehicle retailer in the UK, announced the successful pricing of its initial public offering (the “Offer”) of 50,000,000 shares (the “Sale Shares”) at a price of 200 pence per share (the “Offer Price”), with its entire issued share capital of 100,000,000 ordinary shares to be admitted to the premium listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange.
Key Highlights
• The Offer Price has been set at 200 pence per Sale Share, which will equate to a market capitalisation of £200.0 million on commencement of conditional dealings
• The Offer is expected to raise gross proceeds of £100.0 million for the Selling Shareholder, MP Group Holdings Limited, a company owned and controlled by Motorpoint’s co-founder, David Shelton, and other members of the Group’s management team
• Immediately following Admission and the Selling Shareholder Reorganisation (details of which will be set out in the Prospectus to be published by the Company later today), Shoby Investments Limited, a company owned and controlled by David Shelton, Motorpoint’s co-founder, will hold approximately 22.9% of the Company’s issued ordinary share capital
• The Offer comprises 50,000,000 Sale Shares, representing 50% of the Company’s issued share capital on Admission
• Admission to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities, and the commencement of unconditional dealings, are expected to take place at 8.00 am on 18 May 2016
• Numis Securities Limited (“Numis”) is acting as Global Co-ordinator, Sponsor and Bookrunner. Shore Capital Stockbrokers Limited (“Shore Capital”) is acting as Co-Bookrunner. Rothschild is acting as Financial Adviser.
• Following completion of the Offer the Company is expecting to be eligible for inclusion in the FTSE UK Index Series