StockMarketWire.com - Forterra floated on the London Stock Exchange following an initial public offering at 180p per share giving it a market capitalisation of GBP360m.
The offer comprised a sale of 70,000,000 existing ordinary shares by LSF9 Concrete UK. The offer represents 35% of Forterra's issued share capital on admission, assuming no exercise of the over-allotment option).
LSF9 Concrete UK has granted Deutsche Bank AG, London Branch, as stabilising manager, an over-allotment option over up to 10,500,000 ordinary shares.
Chief executive Stephen Harrison said "We are very pleased to be listing on the London Stock Exchange following the strong interest that investors have shown in Forterra. We are excited to begin this new period as an independent company with a well-invested and efficient manufacturing base, and the appropriate capital structure to take advantage of the growing UK housing market. We welcome our new shareholders and look forward with confidence to the next phase of our development and growth as a listed company."
At 9:57am: [LON:FORT] share price was +178.5p at 178.5p
Story provided by StockMarketWire.com
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