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Mon April 19 2021

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Ibstock Brick floats

22 Oct 15 Brick producer Ibstock has listed on the London Stock Exchange with the sale of 162,200,000 ordinary shares at 190 pence each.

Ibstock CEO Wayne Sheppard
Ibstock CEO Wayne Sheppard

The flotation values the market capitalisation of the company at £770.5m.

Ibstock itself will get £100m of gross proceeds. Bain Capital Fund remains the majority shareholder but gets back up to £254m of the £414m it paid for the company eight months ago.

Ibstock CEO Wayne Sheppard said: "A successful listing is a milestone in the development of the group and we are delighted to be returning to the public markets.  Against a background of robust demand fundamentals we have a clear growth strategy in place and are investing in new capacity and new product development to increase volumes to supply the recovering housing markets in the UK and the US. Flotation enhances our ability to execute these growth plans at a time when prospects for the business are robust and we are excited about our future as a listed business."

Until February 2015 Ibstock was owned by Irish materials group CRH.

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