Pebble raises £135m as it joins AIM
Promotions specialist Pebble Group has raised over £100.0m after floating on Aim, the London Stock Exchange’s junior market.
The company, which provides products, services and technology for the promotion products industry, said 75.4m new shares and 53.5m existing shares were placed at 105.0p per share, raising a total of approximately £135.0m.
It means the company will join Aim with a market value of around £176m.
Of the money raised, £79.0m will be used to repay existing debt facilities, leaving Pebble debt free, and to settle an outstanding consideration following its 2018 acquisition of Facilis Group.
In a statement, Pebble said: “The directors believe that the initial public offering will enable the company to invest in its future expansion, enhance its profile and provide the ability to incentivise employees.”
The selling shareholders will receive gross proceeds of £56.0m. Majority owner Elysian Capital, which formed Pebble in 2017 to hold all its investments in the promotional products sector, will retain a 14.0% stake. Management will retain a 9.0% shareholding.
Elysian said the sale of its shares was equal to a 3.2x return on its original investment. Chief executive Ken Terry added that over the last two-and-half years, Pebble’s management had "built a world-class business that will continue to go from strength to strength as a public company."
Christopher Lee, chief executive of Pebble, said the fundraising had been "well supported by a broad range of significant investors, including a number of blue-chip institutions."
Dealing in the shares was scheduled to get under way at 0800 GMT on 5 December.