Ashtead Technology plots GBP129 million market value amid AIM float

(Alliance News) - Ashtead Technology Holdings PLC on Friday said it is on-track to list on the ...

Alliance News 19 November, 2021 | 11:00AM
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(Alliance News) - Ashtead Technology Holdings PLC on Friday said it is on-track to list on the AIM market of the London Stock Exchange on Tuesday next week, with the company eyeing a market value of GBP128.9 million.

The Aberdeenshire-based subsea equipment rental firm on Thursday said it will issue 9.6 new million shares through a placing at 162 pence, raising GBP15.5 million. Selling shareholders will sell 22.3 million existing shares at the same price, GBP36.0 million in total.

The placing of new shares will go towards reducing the group's indebtedness, and providing capacity to continue its clear and focused bolt-on acquisition strategy.

Ashstead expects to have 79.6 million shares issued on admission with a free float of 40%, and a market capitalisation of GBP128.9 million. It will begin trading on Tuesday.

Numis Securities Ltd will act as nominated adviser, bookrunner and broker for Ashtead Technology.

"We have been delighted with the strong reception to our IPO from institutional investors. With a market leading position in subsea equipment rental and solutions, we are ideally positioned to continue supporting energy producers as they transition towards more renewable sources of energy and global investment into offshore wind continues apace. As a newly listed company we look forward to further capitalising on these growth opportunities by strengthening our product and service offering, extending our geographic footprint and pursuing further complementary acquisitions," said Chief Executive Officer Allan Pirie.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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