UK-based distributor Midwich, with an expertise in AV, consumer electronics, print and security solutions has announced the pricing of its initial public offering (IPO) to the alternative investment market (AIM), a sub-market of the London Stock Exchange. The company has operations in the UK, Ireland, France, Germany and Australasia.
The company placed 36,157,010 new and existing ordinary shares at 208 pence per ordinary share by Investec Bank which will equate to a market capitalisation of around £165.3 million on admission. The proceeds will go toward paying down the debt, repaying existing shareholder loans and fund the final cash consideration relating to the acquisition of Kern & Stelly, a German distributor, the company says.
“We are delighted to announce of our IPO and forthcoming admission to AIM. This represents an important milestone in the group’s history and becoming a public company will further enhance Midwich’s leading competitive position as a specialist AV and document solutions distributor to the trade market. I would like to welcome our new shareholders and I am very excited about the next stage of our journey as we continue to grow both in the UK and in internationally,” says Stephen Fenby, Managing Director of Midwich.