Irish petrol station chain Applegreen has listed on the junior stock exchanges in Dublin and London after raising €70m from its initial public offering.
Shares in the company started trading at 8am this morning n AIM of the London Stock Exchange and ESM of the Irish Stock Exchange.
The company said the placing of its shares had raised in total about €91.7m through the placing of more than 24 million shares. The placing has raised gross proceeds of approximately €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.
Applegreen CEO Bob Etchingham said: “The funds raised will provide us with the platform to accelerate our growth across the markets in which we operate and further expand and rebrand our portfolio of sites.
“We look forward to embarking on the next step in the Company's journey as a public listed company and generating significant value for our new shareholders.”
The petrol chain was co-founded by chief executive Bob Etchingham and chief operations officer Joe Barrett in 1992. Mr Etchingham owns 75pc of the firm with Mr Barrett controlling 25pc. They hold those stakes through a vehicle based in Malta.
Applegreen operates 152 outlets, including 96 in Ireland, 54 in the UK and two in Long Island, in the United States. It has about a 12pc share of the motor fuel market in Ireland, and employs a total of 2,200 people.