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Sun June 20 2021

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Watkin Jones listing raises £131m for expansion plans

23 Mar 16 Watkin Jones, a Welsh building contractor that specialises in the student accommodation sector, has listed on the alternative investment market (AIM) of the London Stock Exchange.

Chief executive Mark Watkin Jones
Chief executive Mark Watkin Jones

Its ordinary shares began trading AIM today, with the ticker WJG.

Watkin Jones raised £131.3m (before expenses) by placing 131.3 million existing and new ordinary shares with investors at a placing price of £1 per share. This represents 45% of the company's stock, making its market capitalisation £255m on admission, based on the placing price.

The board expects that the admission to AIM will provide a platform for growth while enabling the management team and employees to share in the growth.

Chief executive Mark Watkin Jones, the ninth generation of the family to run the business, said: "The strong reception that the company has received from investors has been very encouraging and we are delighted with the success of our admission to AIM, which is a significant milestone in the evolution of our business.  The board joins me in welcoming all of our new shareholders.

"We now look forward to implementing our strategy and leveraging our position as a leader in the UK student accommodation development market as well as expanding our business further into the private rented sector."

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