Parsley Box Group PLC (LON:MEAL) will be valued at £83.8mlm when it floats on AIM on March 31 based on its flotation price of 200p.
The company has conditionally raised £5mln in new capital for the company through a placing of shares while the company’s owners are set to pocket £12mln.
The ready meals delivery group targeting the Baby Boomer generation said the placing of shares attracted strong support from high-quality institutional investors and was oversubscribed.
The initial public offering (IPO) included an option for customers to buy shares and the shares sold through this channel represented 7.6% of the IPO, with all customers who applied for shares getting their full allocation.
Once the shares are listed on AIM, the directors together with their connected persons will be interested in about 32.1% of the group’s issued share capital.
The free float – shares that are not held by committed long-term holders – is expected to be around 45.4%.
"The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth. I am looking forward to leading the business through this exciting new chapter,” said Kevin Dorren, the chief executive officer of Parsley Box.
"The strong demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us. I'm pleased to welcome our new shareholders on board,” he added.