Parkin hails successful initial public offering, which values Clipper at £100m

0
Have your say

CLIPPER LOGISTICS, the Leeds-based company founded by entrepreneur Steve Parkin, has announced the successful pricing of its initial public offering.

The placing has been set at 100p per ordinary share, giving the company a market capitalisation of £100m.

Shares will start unconditional trading this Wednesday.

Mr Parkin said: “I am delighted with the success of the offering and the strong response from investors demonstrating their support of the company’s ambitious growth plans.

“This is a major milestone in the company’s development and I look forward to the next phase as a publicly listed company with great confidence.”

Following admission, Carlton Court Investments, a company ultimately controlled by Mr Parkin, will hold 34.8 per cent of the ordinary shares, and the remaining executive directors will hold in total 10.6 per cent of the ordinary shares.

The company, the directors and the selling shareholders have committed to lock-up arrangements a year following admission, which broadly means they cannot sell their shares.

Clipper provides value-added logistics solutions and e-fulfilment to the retail sector.

A public listing is a long-held ambition of Mr Parkin, a life-long fan of Leeds United.

He grew up in Middleton and worked as a miner before starting his business as a van driver.

The M62 is closed between junctions 24 and 25.

M62 reopens after crash and oil spill near Brighouse