Victorian Plumbing shares rise on first trading day
Victorian Plumbing shares rose strongly when they began trading on Tuesday, completing the largest flotation on London's AIM market.
The online bathroom products retailer said on 17 June its placing attracted strong interest and was oversubscribed. The company's 262p initial public offering valued it at about £850m.
Chief Executive Mark Radcliffe launched the company from his garden shed in 2000 - the early days of online retailing. The company sells more than 24,000 products with three-quarters of sales from its own range. Radcliffe remains the biggest shareholder with 46% of the stock and his family own 58% in total.
Radcliffe said: “Today is a landmark day in the history of Victorian Plumbing. The successful completion of our IPO and admission to AIM is an exciting next step on our growth journey."
The shares were trading at 308.6p at 10:45 BST - up 18% from their placing price.