ProCook announces share price
By Richard Wright | 1st November 2021
ProCook - the Gloucester-based kitchenware retailer - is set to announce the price range for its share offering later today.
The company's founder Daniel O'Neill announced in September that he was planning to float the company - with more than fifty stores nationwide - on the stock market.
The price for the offer has now been set at between 137p and 185p per share, which means an estimated market value of between £150 million and £200 million for the company. In all, 40% of the company's shares are on offer.
The formal announcement of the stock market issue was made on 22nd October 2021. Daniel O'Neill told Punchline that it was his intention to offer some shares to staff.
The directors believe that floating the company will support the group's growth plans by increasing the retailer's public profile and brand awareness. They also believe it will allow them to attract and retain high quality staff.
Any additional details in relation to the offer will be disclosed in the prospectus, which is expected to be published later today.
ProCook had a turnover in excess of £53 million last year and is predicting growth of 30-40 per cent this year.
It employs 700 staff, with 200 of them based at the headquarters in Waterwells Business Park in Gloucester.
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