Eddie Stobart, the logistics company part-owned by Stobart Group, intends to float on the London Stock Exchange’s Alternative Investment Market (AIM) in April 2017. The firm will be renamed Eddie Stobart Logistics PLC ahead of the IPO.
The AIM is the London Stock Exchange’s market for smaller and growing companies. To date, over 3,600 companies have listed on the exchange.
Stobart Group used to fully own Eddie Stobart until it sold 51% of its stake to Greenwhitestart UK PLC in March 2014, in order to focus on its energy, aviation, rail and infrastructure divisions. Stobart Group indicated its preference to retain a meaningful stake in the company following the IPO. Meanwhile, reports have suggested that Greenwhitestart UK will reduce their stake to 30% and that the IPO will seek to raise approximately £130m; funds that could be used for an acquisition.
The Stobart Group Board had said it had been pleased with the performance of both the group and of its subsidiary. Eddie Stobart produced revenue of £549m in the 2016 fiscal year, delivering adjusted EBIT of £41.0m.
Source: London Stock Exchange and various public sources
