Brick maker builds towards £100m fundraising
BRITAIN’S biggest clay brick manufacturer Ibstock said on Monday it plans to raise £100m through a listing on the London stock Exchange as it expects to benefit from an increase in homebuilding.
Shares held by private equity fund Bain and members of the group’s management will also be sold, the company said in a statement. Ibstock is expected to have a freefloat of around 25 per cent after the listing.
The gross proceeds from the sale will allow the Leicestershire-based group, which has a 40 per cent market share in Britain’s clay brick market, to refinance existing debt.
“With UK brick demand now exceeding current manufacturing capacity, a significant opportunity has been created for a UK manufacturer to expand capacity,” Ibstock chief executive Wayne Sheppard said.