Patisserie Valerie will have a market capitalisation of around £170m when it is admitted to trading on the AIM market, it emerged today.
The company announced this morning that it has conditionally raised £32.8m from an initial public offering, which involved a conditional placing of 46,645,794 new and existing ordinary shares at 170 pence per share with institutional and other investors.
Following the placing, Luke Johnson, the largest shareholder, will own 42.7% of the company. The remaining directors and members of senior management will own 5.9%.
Commenting on today's announcement, Luke Johnson, executive chairman of Patisserie Holdings said: "Today's announcement marks a key step in the development of the group. We have grown the business from eight stores to 138 today, and I'm delighted that our new investors have recognised the potential to roll out Patisserie Valerie further. We look forward to a strong future as a quoted company."