Eurocell share price surges following £175m IPO

The offer comprised 52.4m shares, representing 52.4% of the issued share capital of the company. The IPO valued the business at £175m. As of 5 March, shares were trading at £188 apiece, compared with a listing price of £175.

H2 Equity Partners and part of the company's management team received gross proceeds of approximately £91.7m. The GP still holds a 37% stake in the business post-IPO.

H2 acquired Derbyshire-based Eurocell in a buyout from Belgian company Tessenderlo Group two years ago. The GP has agreed to a 180-day lock-up period for shares not included in the offering, while senior management has agreed to wait a year before selling additional shares.

Canaccord Genuity is the sponsor and sole bookrunner for the IPO, with Peel Hunt serving as co-lead manager and Rothschild as financial adviser.

Eurocell is the latest in a series of private equity-backed IPOs in the first quarter – click here to read unquote's analysis of IPO prospects for the coming months.

Company
Eurocell is a business-to-business manufacturer and distributor of window, door and roofline PVC products. Operating through 130 branches in the UK, the group primarily supplies the UK repair, maintenance and improvement market, as well as the new-build and public sector markets.

Eurocell had revenues of £173m in the 2014 calendar year and adjusted EBITDA of £26m.

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• Topics
• Exits
• UK / Ireland
• H2 Equity Partners
• IPO