Geotechnical contractor Van Elle has floated on the AIM sub-market of the London Stock Exchange at 100p per share, giving it a market cap of £80M.
The company placed 30M shares and issued 10M, raising £40M. It is hoped that floating will raise the company’s profile, as well as provide it with a platform for future growth.
“We are absolutely delighted to have successfully brought Van Elle to the AIM market,” said chairman Michael Ellis.
“We have worked tirelessly over the last 32 years to build the company into the established market leader that it is today. There is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business.”
Van Elle chief executive Jon Fenton added that the company has a growth strategy centred on growing market share, developing new products and targeting bolt-on acquisitions.
“As a quoted company, we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey,” he said.