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UK’s kitchenware brand ProCook (PROC) prices its London IPO

09:45, 10 November 2021

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File photo of some kitchen utensils on a table
ProCook supplies kitchenware in the UK – Photo: Shutterstock.

UK Kitchenware brand ProCook announced on Wednesday that it has set its share price offer at 145p per share for its initial public offering (IPO) on the main market for listed securities of the London Stock Exchange.

The company, which was founded 25 years ago from a cottage in Gloucestershire in the UK, said its market capitalisation will be approximately £158m ($213.7m) at the start of conditional dealings, based on the offer.

The company noted that the offer comprises the sale of 27,400,000 shares by its existing shareholders, equating to a total offer size of approximately £39.7m, which represents approximately 25% of the company’s issued share capital on admission.

Moreover, immediately following admission, the company’s issued share capital will be 108,956,624 shares, it said.

Chief executive comments

Daniel O’Neill, chief executive and founder of the group, commented on the IPO details, saying:  “We have been thrilled with the level of interest and support from a range of institutional and retail investors. I am really proud of how far we have come as a business, and today’s announcement is another key step on our growth journey.

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“ProCook has a unique, direct-to-consumer proposition, a clear strategy for growth and a dedicated team of wonderful staff with a real passion for cooking — all the key ingredients needed to enable us to continue to grow and develop our ambitions. I’m excited for our future and look forward to this next chapter,” he added.

ProCook said conditional dealings in the shares — which commenced on the London Stock Exchange today — will be under the ticker name PROC.

Admission and dealings

Admission of the shares to the premium listing segment of the official list and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings in the shares on the London Stock Exchange, is expected to take place on 12 November 2021, ProCook said.

Subject to admission and other conditions being met, the company will in due course be considered eligible for inclusion in the FTSE United Kingdom indices, as highlighted in the announcement.

Read more: TSMC and Sony to invest bn for new chip plant in Japan

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