Friday 21 July 2017

Applegreen raises almost €92m in stock market listing

Applegreen operates 152 outlets, including 96 in Ireland, 54 in the UK and two in the US.
Applegreen operates 152 outlets, including 96 in Ireland, 54 in the UK and two in the US.

Paul O'Donoghue

Irish petrol station chain Applegreen has raised just under €92m after listing on the junior stock exchanges in Dublin and London yesterday.

The initial public offering on Dublin's ESM and London's AIM raised about €70m for Applegreen and €21.7m for selling shareholders.

Applegreen plans to use the proceeds of the float, which values the firm at about €280m, to fuel expansion of the business, primarily in the UK. In London the shares had risen almost 8pc by the close of trading, to 299.5p.

Applegreen operates 152 outlets, including 96 in Ireland, 54 in the UK and two in the US. It has about 12pc of the motor fuel market in Ireland, and employs 2,200 people.

Applegreen CEO Bob Etchingham said that the funds raised "will provide us with the platform to accelerate our growth and further expand and rebrand our portfolio".

He said the company was "very pleased" with its new institutional shareholders.

Irish Independent

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